Budget | Clayton Homes of Columbia

Budget

Whether you're paying in cash, looking for financing, or just starting to think about your budget, knowing what to ask and ways to save for your purchase can help you feel more prepared.

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*This online application can be used to submit your application to multiple lenders. Our home centers and salespeople are not mortgage lenders, brokers, or loan originators. The lenders you choose to work with can help you with questions about the lending process or your loan application. If you have trouble with the link or have questions about your home purchase, please let our team know. The application takes about 15 minutes to complete and it cannot be saved to finish later. Co-borrowers must be present to complete the application.

Home Costs Simplified

Lender fees, taxes, points and loan rates all contribute to the overall cost of a mortgage. Your actual interest rate can vary based on down payment, loan amount, your credit score, property type and loan term. (The loan term defines the length of the loan –for example, is 10,15, 25 or 30 years.) When choosing between multiple lenders, look at the annual percentage rate for the most accurate comparison.

When buying a manufactured home, you must factor the cost of the land, delivery fees, upgrades and site preparation into your overall construction costs. We recommend employing a local contractor to prepare the land. Potential costs in site preparation can include permits, inspection fees, septic system installation, excavation, utility connection, grading, driveway and flat work. Upgrades such as exterior porches or patios, or a site-built garage can also add to overall costs.

Land is an important factor when considering the total cost of purchasing a manufactured home. If you already own land, be sure to factor site preparation costs. If you are purchasing land, find out how much of your loan can be applied to the land purchase. Also factor in, the annual tax amount (and any potential increase in this amount once you add the manufactured home to the land) as well as the cost of connecting utilities.

In addition to mortgage, construction and land costs, it is important to consider additional costs that you might incur when buying a manufactured home, such as local zoning and deed restriction laws. It is a good idea to factor in maintenance costs as well when budgeting for a new home. Retouching caulking regularly, applying durable roof coating and regular cleaning of siding, HVAC systems, gutter and interiors will all help prevent issues down the road.

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FAQs

Saving for a down payment is an important step in purchasing your future home. Be sure to set a realistic goal, then start saving. Here are a few helpful tips:

Put a little away each month.
Consider the minimum amount of income you receive each month compared to any debts you have such as utilities, rent, medical payments, etc. Commit to putting away a percentage of the leftover amount in savings each month.
Create a monthly budget calculator.
Split your debts into types, such as installment and revolving debts. Mark down the due dates for each payment. Note seasonal spending, such as holiday or back-to-school. By doing this, you can plan for expenses and decide in advance how much you are willing to spend on each event to stay within your budget.
Reduce unnecessary expenses.
Minimize spontaneous spending to help you stay within your planned monthly budget. Things like writing down and sticking to a grocery list, cutting out coffee runs, and avoiding new charges to your credit card are great ways to stay on track.

Payment history, total debt, credit utilization and types of credit lines on your report can all contribute to your credit score. When applying for a loan, it is a good idea to check your credit report so you know what your credit history will look like to a lender. Here are some helpful tips that you may consider to establish a favorable credit history:

If you have little to no credit history:

Try a secured credit card, where your credit limit is determined by the required security deposit.
Take out a credit-builder loan, where the lender deposits the loan amount in a savings account. The and the borrower then makes fixed monthly payments toward the loan principal and interest to build a payment history and boost savings over time. After all payments are made, the borrower then gets access to the loan amount.
Become an authorized user on the credit card of a family member with a high credit score and a reliable repayment history.

To improve your credit score:

Pay your bills on time
Set up automatic payments
Use credit cards wisely
Avoid applying for more credit than you need
Borrow or charge only what you can afford
Keep your main credit accounts open
Check your credit report for inaccurate or fraudulent information
Talk to a credit counselor for help making a plan to manage your debts

Loan specialists can help with all your loan-related questions. They are knowledgeable about all the different loan types that are available and are licensed by the state to explain the interest rate, APR and terms of different loans you might qualify for. When you qualify for a home loan, they will contact you to discuss the financial terms and requirements, and they will also be available to answer any questions you have throughout the process.

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