Construction Loan Information
Construction loan products are my specialty. We
have expanded our “One Time Close Construction Loan” offering. These construction
loan programs
allow you to purchase the lot, fund the construction of your home
using a construction loan product combined with your permanent loan and close only
one time, saving you money in closing costs.
Email with questions on your
construction loan
I am a
construction loan mortgage broker and represent 22 of the largest construction lenders. As a construction loan broker, I work for my client and not the
construction loan lender, taking the time to
understand your goals and placing your construction loan with the lender whose programs match your needs. I give you unbiased
advice and support throughout the construction loan process. Construction lending is a specialized
part of mortgage banking and most brokers do not have the experience
or construction loan information to guide you through this complex process. I
have given you some basic construction loan information here but please call to discuss your project. At the fundamental
level, construction lenders offer two types of construction loan product characterized by how they
base interest rates during the construction phase. I refer to these
approaches as “One Step” and “Two Step”
This page has information on new construction loan products,
if you are renovating an existing
home please go to my renovation
loans page.
If you have owned your lot for 1 year, or if you have documented
"on site" improvements, we may be able to use
this equity to meet your down payment requirement on your construction loan or
create an interest reserve account.
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Construction Loan Information is available on:
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One Time Close
Construction Loan
Single Rate. "One Step" program protects you against increasing
rates and extended lock fees. Interest only fixed rate during construction
and modifies into a permanent loan after completion.
-
One Time Close
Construction Loan Prime Rate
Based. "Two Step"
program allows
you to borrow up to 95% of your total cost for a Principal Residence. Based on the Prime Rate during
the building period with interest only collected on funds disbursed.
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Lot Loans.
Designed for those who found the perfect lot but are not ready to build. Low
down payment products available.
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Stated Income products are wonderful for the self employed or anyone with difficult
to document income situations.
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I have written a newsletter
covering them, and a construction FAQ
is available.
I have a list of documentation needed
to process these.
There is a new page detailing construction
loan fees.
I have detailed information on extended
interest rate locks with a float down option.
I have a page on calculating mortgage qualification ratios.
I
have included detailed Frequently Asked Questions and common
misconceptions about the process of building your home with a construction/perm
loan.
I have also included information on the specialized areas
of log home, modular
home, or timber frame home
financing
If you are not ready to build but have found the perfect lot.
The new Purchase Plus Lot
Loan can save you a great deal of money.
New! One of my favorite lenders has
finally reopened their lrnding department. They offer you the ability to
modify into the incredibly flexible Cash Flow Loan
when your project is complete.
As a
Certified Mortgage Planning
Specialist, I offer an analysis of
your situation today can make suggestions on how small changes in how
your debt is structured today can have a life changing effect in the years
to come. Read more
about this free, no obligation service.
New! View
my
Wealthbuilder presentation and learn the safe way to manage your debt
and fund your retirement.
I hope the information on this page was useful to you. Please view my
Mortgage Market Guide. It is a weekly publication explaining the financial markets
from a consumer's perspective that is available on this website or by
email subscription. I have nearly 8,000 subscribers today and would be happy to have you as
well. Your email address will never be used for any other purpose.
Prequalify for your
Construction Loan.
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