Parry Custom Homes Blog

Blog Archive for March, 2020

How to best handle your down payment

Categories: Buying a Home, Homeowner Tips, Pittsburgh on your lot builder | Posted: March 27, 2020 | Comments Off on How to best handle your down payment

 

Down payment 101

Down payment 101

Gone are the times in buying a home where you have to have a large sum of money saved up in order to purchase a home. Now, depending on your financing, the minimum down payment for a new home may be lower than you think. Combined with the current interest rates that are at record lows, many are finding it more affordable than they thought to purchase a new home! Parry Custom Homes, a premier Pittsburgh on your lot builder, shares how to best handle the down payment of your new home with the different options you will have.

It is important to consider where to store your funds for the down payment on a new home. Whether you have it in savings already or if it will be a gift from a family member, it’s good to have a plan in place on where this money will be housed. These three tips will help you with this decision and also avoid delays in securing your new home loan.

Tip number one: Do not house your deposit in your checking account

The first and one of the most important tips is to not put all your home deposit money in your checking account. Believe it or not, checking accounts can be a problem in home buying. If you keep your home loan money in your checking account where you pay your bills, it can look to a lender like you are spending your home loan money on your bills and everyday spending, which is not a good thing.

Instead, keep your money in a separate account or savings account that you are not taking money out of. It’s best to keep it in a separate savings account that has little to no activity.

Tip number two: Keeping it in another person’s account

If you are storing money in your parent’s bank account, even though it may be your money you will have to have them sign a “gift letter” stating that the money is donated, so your mortgage company knows it’s not another loan.

Even though the money is not technically a gift since it is money you own, your lender wont view the money in that way. Any account that is on paper that is yours, is considered your money. Any account that contains funds under another person’s name, is considered their money.

If you are in fact getting a gift of money from a family member, they will need to provide the gift letter as well as bank statements that show they have the funds to give the money to you as well.

Tip number three: Storing money in your safe

Hiding your money at home and away from the eyes and the ears of a bank doesn’t help you either. All financial institutions have strong anti-money laundering laws to prevent any criminal activity. The money you use to buy a home must be in your bank account for at least 60 days or the money has to be gifted, as mentioned above.

Cash deposits from any side jobs will be sure to create questions and conditions from your mortgage lender. It is best to do yourself a favor and when you are serious about buying a home, use your bank account to store all your funding.

Following the three tips above will not only make sure you are following the right steps when buying a home, but also prevent you from any time sensitive issues that could prevent you from buying the home or getting the loan you need, when you need it.

 

 

 

Parry Custom Homes is an established homebuilder in the Pittsburgh area.  Call or contact us today for more information.

Tips to handle your current “new normal”

Categories: Uncategorized | Posted: March 20, 2020 | Comments Off on Tips to handle your current “new normal”

If the past month has left you feeling a bit confused with all of the changes going on around you, know that you are not alone! Had someone told you even two months ago that things like hand sanitizer, toilet paper, and non-perishable items would be in limited demand in the coming weeks, you would have probably looked at them like they were crazy. However, this has become our current reality and many just want some help and guidance to cope with the  new normal we are currently living in. Parry Custom Homes, a premier Pittsburgh on your lot builder, shares tips on how to best adjust to your current new normal.

Tip #1: Don’t fall into the urge to panic

If you go to the store and see empty shelves or worry you will run out of toilet paper before you are able to get more, just remember this is temporary. The recent panic over this pandemic has caused people to go overboard in terms of what they purchase, leaving our stores to suffer the consequences. However, just remember that in the coming days and weeks, these things will go back to normal and you will be able to access them after the initial panic has calmed down.

Tip #2: Adjust your family to the new normal

Since this temporary new way of life will be one we have to deal with for the coming weeks, the best thing that you can do is create a new routine and what your normal new routine now is for you and your family. Sit down together and establish a schedule for how your days will look. If you have kids, invite them to be a part of the conversation and creation of their daily schedule. Having everyone in the know on what each family members daily routine will look like, will help alleviate much of the frustration that can come from having everyone home at the same time.

Tip #3: Take care of your health (both mental and physical)

Not only from a physical perspective will taking care of your health during this time be important to protect your immune system from this virus, but from a mental standpoint it will be necessary to take care of yourself as well. Turn to the things that bring you comfort during this time. Whether it is attending church online, painting, baking, or getting outdoors when the weather is nice for a walk or even to spend some time in your yard.

Tip #4: Find or create new hobbies or projects

Especially if you are an avid sports lover, now that there are no current sports on the television that you can spend your time watching, you may be left with more time on your hands than you previously had before. Consider finally tackling some of your home projects or organization you never have time to get too. Maybe you have a hobby you love, but just can never find the time to dedicate to it. Now might be the perfect time for you to do these things and make the most of the time you now are spending at home!

You can also do things that are calming, such as read a book, take a bubble bath, or listen to music. There are not many times in life where you are able to truly un-plug from the world and recharge your batteries, and right now might be the perfect time to indulge in just doing that for yourself.

Tip #5: Hold onto normal as much as possible

Think of the normal, day to day things that you did before this pandemic happened and you were forced to be quarantined in your home. Did you take your dog for a walk every evening after you got home from work? Did you drink your coffee while reading the newspaper or having breakfast before work? Did you go for a jog every evening before dinner? Anything in your normal routine that you did prior to this, hold on to that and keep that as part of your daily routine. It will help things seem more normal, even when they aren’t.

Tip #6: Be thankful

Just keep into perspective that everything is temporary. Both the good times and the bad times are short-lived and we all go through different seasons of life. Remember all of the things you can be thankful for during this time. The people around you, the food you eat, your faith and even a roof over your head. Be sure to hold onto a positive attitude and once this is all over, you will be a better and stronger person because of it.

 

Parry Custom Homes is here for our community and wants to accommodate you the best we can and support our neighbors during this time.

Tips When Purchasing A New Home

Categories: New Homes in Pittsburgh | Posted: March 13, 2020 | Comments Off on Tips When Purchasing A New Home

New Home in PittsburghIf are considering purchasing a new home in Pittsburgh this spring or summer, you might find yourself on the fence due to the unknown of what is going to happen to interest rates in the coming few years since they are currently at record lows. Odds are over the next few years, home prices will continue to increase and  you might very well look back and wish you had bought your new Parry home when you first thought about it.  Here are some things to know when you consider buying your Parry Custom Home.

The first tip is to not buy a home if you can’t stay put.  If you can’t commit to a least three years at minimum, you may end up losing money if you sell your Parry home sooner, even in a rising market.

The next tip if you are at a place where you can stay put for a while is to start shoring up your credit or make sure it is in good standing before you set to purchase a new home.   Make sure your credit history is as clean as possible.  A few months before you purchase your new home, get copies of your credit report.  Make sure the facts are correct and fix any problems you discover.

The next tip is if you can’t put a large sum of money down for  a down payment, you may still qualify for a loan.  There are a variety of public and private lenders who, if you qualify, offer low interest mortgages that require a small down payment on a home.

The next tip is to choose carefully between points and rate.  When picking a mortgage for your new Parry home, you usually have the option of paying additional points, which is a portion of the interest that you pay at closing, in exchange for a lower interest rate.  If you stay in your Parry home for a long time, it is usually a better deal to take the points.  The lower interest rate will save you more in the long run.  Check with you financial adviser to help you decide.

Lastly before you even choose your Parry home, make sure you get pre-approved.  By getting pre-approved you will know how much house you can afford and put you in a better position to make a serious offer when you find the right Parry model home for you and your family.  Don’t confuse this with pre-qualification, which is based on a brief review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

If you decide to take the step of purchasing a Parry home, we hope this has helped you as you lay out your future as a homeowner in Pittsburgh and would love to help make your new home dreams a reality with one of our beautiful new homes!

 

Parry Custom Homes is an established homebuilder in the Pittsburgh area.  Call or contact us today for more information.

Community Spotlight: The Trails!

Categories: New Homes in Pittsburgh, Pittsburgh on your lot builder | Posted: March 6, 2020 | Comments Off on Community Spotlight: The Trails!
The Villas at The Trails

The Villas at The Trails

Are you in search for a Pittsburgh on your lot builder? If so, consider the local family owned Parry Custom Homes to make your dream home a reality! We make the home buying process easy for our buyers and help them from start to finish. The perfect home starts with the perfect location, and we are here to help you find the perfect place to build your new home.

If you are looking for a new home in Penn Township area, or would like your children to attend the Penn Trafford School District, we have the perfect community for you!

The Trails is a wonderful small new home community with lots suited for a daylight basement. The Trails is located in the eastern suburbs of Pittsburgh, off of Route 130 in Westmoreland County.

Located just minutes from Monroeville and Murrysville, this great community is in close proximity for access to Route 30 and Route 22.

The Trails offers its residents private home sites that slope to the rear and have a beautiful scenic view of wooded rear yards.

This small private neighborhood is perfect for those buying their first home, starting a family, or an empty nester looking for a great place to relax and downsize into a quite and comfortable location.

For those of you who like basements, there are daylight basement homes on lots available as well in this great community.

To get to The Trails, take Route 130 to McWilliams road or take a right on Murrysville road, a left on Meadowbrook road, a right on McWilliams road and then a right on Old Trail Court.

For more information, call or email us anytime! If you would like to visit our Irwin Showroom, call 724-863-0199 for more information. The showroom hours are 10am-5pm.

 

Parry Custom Homes is an established homebuilder in the Pittsburgh area.  Call or contact us today for more information about this floor plan option, or to view other homes in our portfolio that may suit your new home needs.