Home Builder Offers 2.875% Mortgages In Metro Detroit At No Additional Cost To Buyers

Sept. 25, 2009 - PRLog -- Toll Brothers, America’s Luxury Home Builder, is launching a 9-day national sales event that gives new home buyers every reason to capitalize on the buyer’s market and build the new home they’ve always wanted.

Starting Saturday, September 26, and running through Sunday, October 4, 2009, new buyers that deposit during the event can lock in a 30-year fixed mortgage rate as low as 2.875% at no additional cost for up to 12 months prior to closing at any one of Toll Brothers’ nine communities across metro Detroit.  

The special mortgage rate begins at 2.875% for the first year, then moves to 3.875% in the second year, and remains at 4.875% for years 3 through 30 (4.752% APR).*  

According to Toll Brothers, this mortgage incentive equates to real money in the buyer’s pocket.  “At 2.875% during the first year, someone securing a $417,000 loan will have a monthly principal and interest payment of about $1,730,” says Christina Griffin, Business Development Manager for TBI Mortgage, Toll Brothers’ mortgage subsidiary.  “This saves the buyer about $475 per month, compared to financing without a buydown.”

“Offering below-market rates and the 345-day lock is extraordinary,” says Bill Bye, Vice President of Toll Brothers’ Michigan Division.  “This is an incredible opportunity for home buyers to take advantage of low prices and lock-in an incredible rate.  Anyone considering a home purchase should attend this event,” Bye says.  

This deal is exclusively offered through TBI Mortgage Company (http://www.TBIMortgage.com) and requires a minimum 20% down payment and a maximum loan amount of $417,000.*  Conditions apply and interested buyers should consult a Toll Brothers sales representative for details. Jumbo loans also are available at a discounted interest rate and other programs and packages are available to meet the needs of all buyers.

The company also has a few completed condominiums available now for those who are in need of immediate occupancy.  "The value we are offering on our quick delivery homes has never been greater," Bye says.

For those with a home to sell, the builder offers special programs to help, including home-staging services and extended build times.  Other incentive programs are also available.
   
Those interested can visit a Toll Brothers community in Milford, Novi, Northville, or Superior Township.  Detailed maps and directions can be found on the event website, http://www.TollSalesEvent.com, or by calling 888.352.4663.

Toll Brothers was voted No. 1 among home builders in Quality of Products and Services, Quality of Management, Financial Soundness, Long-term Investment, and Use of Corporate Assets in Fortune magazine's World's Most Admired Companies 2009.  

"We're certain that Toll Brothers' continued appeal despite the current market is due to its unwavering financial strength and its stability," Bye says.  "Buyers are looking for great value, but they also want to know that their dream home will be completed on time and on budget and that the builder is here to stay."

Toll Brothers Inc. is the nation's leading builder of luxury homes. The company began business in 1967, became a public company in 1986, and expanded into Michigan in 1999. Its common stock is listed on the New York Stock Exchange under the symbol "TOL." The company serves move-up, empty-nester, active-adult and second-home home buyers, and operates in 21 states.

Toll Brothers is honored to have won all three of the industry's highest honors: America's Best Builder from the National Association of Home Builders, the National Housing Quality Award and National Builder of the Year.

*For qualified buyers only. Buyer must sign a Rate Lock Endorsement to the Agreement of Sale with Toll Brothers. Buyer must also enter into a Rate Lock Agreement and close with TBI Mortgage Company, a subsidiary of Toll Brothers, Inc. Any required rate lock fee will be due from the buyer at the time of settlement/close of escrow. Home must settle within the lock expiration date or lock terms subject to change.  See tbimortgage.com for add'l licensing info. 9/09

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Toll Brothers, America's Luxury Home Builder, publicly traded on the NYSE (TOL:NYSE). TollBrothers.com