Determining your Budget with Modular Homes


If you are considering on building or buying a new modular home, and want to determine your modular home budget, perhaps start by shopping for financing and a lot to build on.


Shopping for Finance


When you are speaking to your mortgage lender to determine how much you can borrow, you should avoid common mistakes: eyeing on a more expensive home than a lender will provide or purchasing less home than you can afford. You should always ask how much will be lent, how much are the fees, how much are the other expenses, and how much you will need to invest for down payment.


Building Lot


Look to your local real estate and real estate advertisements and call a few realtors to find out what the building lot costs will typically cost in the communities you’re considering. Once you know how much money you will have lent and how much the land will cost, you can figure out your budget. Subtract the price of land with the amount of money you can spend, which is your loan amount plus your deposit less lender costs. Use the price as the maximum you can afford for building your new home.


However, you could potentially start with a price from us, Showcase Homes, since we can tell you how much money you have left to spend on land or how much money you should borrow. Regard