Evans Coghill Blog

Blog Category - Financing

Enjoy A Home With No Monthly Payments – HECM Loan

Categories: Belmont, Financing, New Homes in Charlotte | Posted: August 19, 2019 | Comments Off on Enjoy A Home With No Monthly Payments – HECM Loan

If you are a baby boomer age 62 or older and wanting to move into a new home to be closer to the kids,  smaller yard, less maintenance, have more time for yourself we have the answer. Imagine a new home where everything works and is new. You will enjoy greater energy efficiency, a more comfortable home, new neighbors and have it just the way you want it. The best part is you will enjoy a very flexible payment schedule and, maybe, no monthly payment at all! This is the Home Equity Conversion Mortgage (HECM) for Purchase loan.

Here is How it Works –

Joyce is 65 years old. Many of her friends moved to a new, lifestyle community and Joyce was eager to join them. But she didn’t want to add the burden of a monthly mortgage payment—or to spend $350,000 in cash to buy the home free and clear. She was forced to consider less expensive homes nearby.

Fortunately, a friend told her about Reverse Mortgage for Purchase loans. Joyce discovered that with this option, she only needed to invest about 57% of the purchase price. This allowed her to upgrade to a more comfortable lifestyle and keep more of the money from the sale of her former home, while having the option of making no monthly principal and interest payments if she so chooses. (As with any mortgage, she must meet her loan obligations, keeping current with property taxes, insurance, maintenance and any homeowners association (HOA) fees.)  The exact down payment amount is based on your age and can come from the sale of your current home.

The Result

  • Joyce was able to move into the home that she wanted right away.
  • She kept significantly more cash from the sale of her previous home.

Watch: How a Home Equity Conversion Mortgage for Purchase Works (Video)

Read: (PDF) Evans Coghill Homes HECM Buyers Guide

Evans Coghill Homes builds new homes in McLean in Belmont NC. We have a collection of impressive homes with lots of options to make it just right for you. We are ready to show you your next home and help make it a reality with a HECM loan.

Model home is located at 1008 Overlake Dr, Belmont NC. Contact Paul Stanger here



Increased Loan Limits Are Great For Buyers and Builders!

Categories: Financing, New Homes in Charlotte, Tips | Posted: April 2, 2018 | Comments Off on Increased Loan Limits Are Great For Buyers and Builders!

New Home

The Housing and Economic Recovery Act (HERA) of 2008 requires that the baseline conforming loan limit be adjusted each year to reflect the change in the average U.S. home price. To keep up with soaring home prices, the 2018 FHFA limits on home loans have risen considerably (6.8%!), with standard mortgage limits increasing to $453,100 in most parts of the country, and FHA mortgage limits having a $294,515 maximum for single-family homes. (More information can be found in a recent article by Professional Warranty Service Corporation.)

For home buyers, the increase means no more restrictive and expensive jumbo loans. It also means more first-time buyers will be able to purchase homes with as little as 3.5 percent down. “These loan limit increases can help buyers save money when getting a mortgage, improving the opportunity for everyone, especially first-time home buyers, to get into that new home,” says Forbes contributor Christina Boyle, senior vice president and head of Single-Family Sales and Relationship Management for Freddie Mac.

For home builders, like Evans Coghill Homes, the hike in loan limits opens up a wider potential customer base as more prospective buyers are able to qualify for affordable loans. For example, buyers will be able to:

  • Afford a newly built home. The new lending limits are likely to entice more buyers to enter the market — and make newly built homes affordable for more people. View our available homes to find a newly built home perfect for you!
  • Purchase larger homes. The new lending limits give qualifying buyers up to $30,000 worth of extra breathing room. As a result, buyers may be able to purchase larger homes in more expensive neighborhoods. We’re thinking homes in our Cheval and Springfield neighborhoods! 
  • Qualify more easily. Higher mortgage limits will make it easier for buyers to qualify for a home loan. Compared to jumbo loans, a standard mortgage offers less stringent credit requirements, lower down payment options, and lower debt-to-income requirements.
  • Put less money down. First-time buyers often rely on FHA loans to afford a home since the lower credit requirements and minimum down payment help remove some of the barriers to homeownership. With higher loan limits, first-time buyers can buy pricier homes while still qualifying for an FHA loan.New Home Living Room
  • Save thousands of dollars. Jumbo loans often have higher interest rates and closing costs than traditional mortgages. The ability to finance a home without a jumbo mortgage can save buyers thousands of dollars over the life of the loan.

The rise in loan limits makes home ownership more affordable for more people, and doesn’t everyone deserve the American dream of owning a home? Evans Coghill Homes supports homeownership and would be honored to make that dream come true for you.

Evans Coghill Homes is a Charlotte, NC new home builder, building new homes in Cheval, McLean, Belmont, NC and Nims Village, Riverwalk, Springfield, and Ft Mill, SC. For information on these new home communities and our available homes, visit www.EvansCoghill.com.

Why Buy Now? It’s A New Year – And Interest Rates Will Be Going Up!

Categories: Financing, Homeownership | Posted: January 6, 2017 | Comments Off on Why Buy Now? It’s A New Year – And Interest Rates Will Be Going Up!

Have you been dreaming of owning a new home? Evans Coghill Homes would love to help you through the process! And what better time than the new year?

Now is a great time to go ahead and make that dream come true. It’s a new year – and the perfect opportunity for a new start. It’s also a good time because interest rates are going up, and that will influence both how much home you can afford, as well as how much you’ll pay over the span of the loan.

Over time, as the Fed raises rates more, mortgage rates are expected to move up too. According to CNN Money, the typical fixed rate on a 30-year mortgage is currently around 4.1%. Before the election, a typical 30-year fixed rate mortgage was 3.5%, according to Freddie Mac.

While rates are rising quickly, they are still low. For example, during the last economic expansion, mortgage rates were between 5% and 7%. In the 1990s, rates were even higher, shifting between 7% and 9%.

Don’t make the mistake of thinking that a one or two percent increase won’t affect your bottom line too much. You can save thousands of dollars a year by buying a new Evans Coghill home BEFORE rates rise, even more so than they have already.

Below you will find a list of our preferred mortgage lenders for 2017:       

Whitney Crowder



Office (704) 264-0252

Cell (704) 517-7662

Ashleigh Clark

Cunningham Mortgage


(704) 307-9908


Lori Couick

Bank of North Carolina


Office (980) 359-1168

Cell (704) 491-2935

Be a smart buyer! Lock in a lower interest rate by buying your new Evans Coghill home in 2017!

We were named Builder of the Year in 2016. Our homeowners have continued to give us positive reviews and survey results. Read more about what they have to say here.  Evans Coghill Homes builds new homes in RiverwalkSpringfield, Cotswold, Cheval and Southpark.

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