Interest money

New Coventry Homes scheme offers cost-saving options

Coventry Homes is now offering buyers ways to save on the cost of a new home with its latest promotion, which expires on June 30.

During the Buyers Choice sale event, Houston-area buyers financing a home in Coventry through the builder’s preferred lender can choose from three options: pay no closing costs, a rate buyout interest rates or an extended interest rate lock-in.

“The economy has caused some people to consider pressing the pause button on their dreams of home ownership,” said Paul Blackburn, regional chairman of Coventry Homes, in a press release. “There are concerns about closing costs and rising interest rates. We want to help them save money in a way that works best for them now and in the future.

In Texas, closing costs average 2-3% of a home’s price, the statement said. For example, on a $300,000 home, closing costs can range from $6,000 to $9,000 and are due when the final documents are signed.

An interest rate reduction allows buyers to pay extra to get a lower interest rate for a number of years. Buyouts can help homeowners pay less interest over the life of their loan and save on monthly payments.

An extended interest rate lock allows buyers to cap their interest rate, protecting them if rates rise before the home closes. Plus, in most cases, homeowners can refinance their loan later if interest rates drop, Blackburn said.

Coventry Homes is being built in 27 Houston-area communities, including Grand Central Park in Conroe, Costal Point in League City, Sienna in Missouri City and Cane Island in Katy. Homes cost between $300,000 and over $1 million.