The cheapest-looking home in Richmond Hill right now may not have the lowest price. Pulte's homes at Heartwood, off Belfast Keller Road, advertise a 30-year fixed mortgage at 5.99%, or 6.027% APR. They also offer up to 2% in closing costs to buyers who finance through Pulte Mortgage Finance. Freddie Mac's survey for the week of October 15, 2026, put the national average 30-year fixed rate at 7.40%. A buyer comparing a resale home in an established neighborhood like White Oak Village with a new build a few exits south is no longer comparing two prices. They're comparing a price with a financing package, and the package carries more weight.
The condition comes before the discount
The details of the offer matter more than the headline. On Pulte's Sweetgrass at Heartwood page, the rate and the closing-cost savings are both labeled limited-time, and the closing-cost offer applies "when you use Pulte Mortgage Finance." The page doesn't spell out whether the rate offer carries the same lender requirement, and it tells buyers to see a sales consultant for details. The same page lists $2,000 off for Hometown Heroes, a group that includes active teachers, nurses, EMS, police, firefighters, and active and retired military. Heartwood buyers can also have the Sapelo Hammock Golf Club initiation fee waived for a limited time.
Tying the offer to the in-house lender works. In its second-quarter 2026 results, PulteGroup reported a mortgage capture rate of 85% for the quarter, the same as a year earlier. Across the company, that means most buyers took the builder's financing. A buyer who wants to shop lenders, or who already has a preapproval from a local bank, gives up at least the closing-cost savings by doing so.
What 1.41 points is worth in dollars
The gap between 7.40% and 5.99% is 1.41 percentage points. It's easier to judge once it's turned into a monthly payment. The table below is our own illustration for a $400,000 loan. It covers principal and interest only, with no taxes, insurance or HOA dues.
| $400,000 loan, 30-year fixed | Rate | Approx. monthly principal and interest |
|---|---|---|
| National average, week of Oct. 15, 2026 | 7.40% | about $2,770 |
| Advertised Pulte rate at Heartwood | 5.99% | about $2,396 |
| Difference | 1.41 points | about $374 per month, or roughly $4,490 per year |
Now flip it around. At 7.40%, each $1,000 borrowed costs about $6.92 a month. To bring the payment down by $374 at the market rate, the loan would have to shrink by about $54,000. At this loan size, the advertised rate does about the same work for a buyer's monthly budget as a $54,000 price cut. A resale listing in White Oak Village at the same price as a Heartwood home is effectively up against that number, even though nothing on either listing shows it.
The comparison doesn't run only one way. A lower rate on a smaller loan saves less. A buyer paying cash or putting down a large down payment gets little from a rate offer. And the 2% closing-cost savings depends on how Pulte defines the base, which the page leaves to the sales consultant.
Why a builder would rather move the rate than the price
The national builder survey explains the choice. In its August 2026 Housing Market Index release, the National Association of Home Builders reported that 63% of builders used sales incentives that month, unchanged from July. Another 35% cut prices, with an average cut of 6%. Builder confidence stood at 35, the 16th straight month below 40.
PulteGroup's own numbers show the same pressure. For the quarter ended June 30, 2026, home sale gross margin was 25.0%, down from 27.0% a year earlier, and the average sales price fell 3% to $544,000. Net new orders still rose 6%. CEO Ryan Marshall said in the release that the company was working to "balance price and pace within each community."
A rate offer helps a builder keep sales moving without lowering the posted price on every home in the phase. That price becomes the comparable for the next sale and the next appraisal. A resale seller usually has fewer tools to work with. Most often, it's the list price.
The supply behind the offer is measured in decades
If Heartwood were a single 80-lot subdivision, this would be a short-term issue. It's much bigger than that. The Savannah Morning News reported in June 2026 that Heartwood, developed by Raydient Places & Properties, covers roughly 14,000 acres and is planned for 10,000 homes over at least 20 years. The developer counted about 1,500 residents at the time. The first neighborhood, Loblolly, was described as "virtually sold out," with homes of 1,500 to 3,000 square feet. Allier had 365 lots under construction, and 15 had certificates of occupancy. About six miles of trail were finished out of more than 50 planned.
As of early October, Heartwood's builder page listed Town District homes from the mid-$300s to the $700s. It also listed Toll Brothers' Covey neighborhood, with homes in the $500s, as coming in spring 2027. Pulte's Sweetgrass plans start at $370,990. The commercial pieces are arriving too. A February 2026 Savannah Morning News report described the eight-acre district at I-95 Exit 82 with a new Starbucks, a Zaxby's, and a 200-room Courtyard and Residence Inn under construction.
With phases scheduled into 2027 and lots planned for decades, Richmond Hill's resale homes will be priced next to some new-construction offer for years. Rates will change and so will the incentives, but a builder will almost always have something to advertise.
Where that leaves a White Oak Village listing
The wider market adds to the pressure. On the Savannah Area REALTORS August 2026 dashboard for the Savannah area as a whole, inventory was up 15.8%, days on market up 27.1%, and closed sales down 14.1%. The median sales price rose only 1.1%. More homes are on the market and staying longer, while prices are barely moving. In that kind of market, a $374-a-month difference can decide which home a buyer tours a second time.
Established neighborhoods still have advantages a payment table can't show. White Oak Village is a finished community with an HOA that runs a neighborhood pool with online reservations and a community events calendar. The trees are grown, the streets are finished, and the house next door is already built. That's a different purchase from a lot in a phase where certificates of occupancy are still coming in one at a time. Whether that's worth $54,000 of purchasing power depends on the buyer. Heartwood's financing package is what turns it into an actual choice between those two things.
For sellers in older Richmond Hill subdivisions, the practical takeaway is to price against the payment a buyer could get at Heartwood, not just against neighborhood comps.
Questions to ask before comparing the two
- Is the rate fixed for the full 30 years, or only at the start? The Pulte offer says 30-year fixed. In a January 2026 NAR interview, though, NAHB's chief economist said builder buydowns often lower the rate only for the first two or three years. Get the terms for your specific home in writing.
- What is the closing-cost percentage based on? "Up to 2%" can mean different dollar amounts depending on the base.
- When does the offer end, and how long is the rate lock? Both offers are labeled limited-time, and neither page gives an end date.
- What happens if you use another lender? Ask which terms you'd lose and which would stay.
- Which homes qualify? Offers can differ by plan, by phase, and by whether a home is already built.
This post is general information, not financial or legal advice. Confirm your own loan terms and costs with a licensed lender and the right professionals before you commit.
If you're trying to decide between an established Richmond Hill neighborhood and a builder's offer at Heartwood, the Teresa Cowart Team can help you put both side by side by monthly payment, closing costs and timing, so you know what each one really costs before you write an offer. Let's Connect.
