Our Cambridge Commitment
Despite the thousands of dollars of incentives tied to using us for financing, we want to earn the business outright. We will work extremely hard to win your business with our superior service, professional acumen, and competitive mortgages.
Next Step: Get Pre-Approved
Cambridge Homes and the Mortgage Mark team are committed to providing the highest-level of service to our clients. We want you to get pre-approved to ensure you qualify for a mortgage. Please contact us and we’ll swing into action.
- Locking new construction interest rates
- DTI (and affordability) calculator
- Mortgage payment calculators
- New construction escrows explained
- Property taxes increase after construction
Closing Costs for New Construction
Buying new construction will have some additional costs compared to buying an existing home. New construction closing costs are typically higher than those on an existing home for three main reasons.
First, newly constructed homes require a new survey. Second, new communities typically have new Home Owner’s Associations (HOAs) that charge transfer fees. And finally, appraisals on new homes often require final inspections.
Both Cambridge Homes and the Mortgage Mark team offer new construction financing incentives.
Cambridge Homes will pay for the lender’s title policy when using the Mortgage Mark team for mortgage financing. Our title policy calculator estimates these savings. (Hint: it’s thousands of dollars).
Similarly, HomeBridge offers a large lender credit to offset our origination charges and cover an additional $1,000 of third-party fees.
Builder Paid Title + $2,395 in Lender Credit = Big Savings
What’s the catch?
We’re often asked “what’s the catch”? Why are all the incentives being offered? Is everything “up and up”?
Cambridge Homes and HomeBridge Financial are two separate, independent companies. There are zero financial ties between the two companies. Your interest rate, closing costs, and HomeBridge financial incentives will be the same regardless of the home you buy. Buy Cambridge or buy an existing home, your loan structure will be the same.
Both companies offer the financial incentives for their own reasons.
Cambridge Homes trusts the Mortgage Mark team to provide great customer service to their buyers; however, their business concern is ensuring buyers are qualified.
Cambridge incurs carrying costs until a home is sold. They pay for their construction bank loan, property taxes, insurance, utility bills, etc. every single day they own the home.
Cambridge assumes a huge risk when they write a contract. Taking a home off the market to later learn that the borrower does not qualify ultimately costs them a significant amount of money.
HomeBridge offers the incentives because we want to close as many loans as possible. We ultimately are making a volume play. We’re willing to make significantly less on each loan from Cambridge because we are able to close more loans with this relationship.
We save advertising money with every Cambridge referral. The costs to procure other leads is significantly higher because we have to spend money on marketing and advertising. Because of this relationship, and the low costs to produce a lead, we are able to pass those savings to the buyers.
Selling Your Home
It’s difficult to time the simultaneous sale of your existing home with the closing on a newly constructed home. Be certain to select a Realtor that knows the area well when listing your home and going through the selling process.
A low appraisal on your current home can be a major setback. Learn how appraisers value is determined. You may be surprised; it’s not as simple as dollars per square feet.
Seller’s Net Sheet
A seller’s net sheet calculates the amount of money netted from the sale of a home. The calculation considers the obvious fees (Realtor commissions, title fees, etc.) as well as the lesser-known costs (like per diem interest, escrow refunds, home warranty, etc.).