About Carteret Mortgage      Apply Online          


Welcome to Carteret Mortgage!
 Your source for consumer information  


Option Arm Manage your Mortgage!


Interest Only Mortgage

No Doc

Real Estate Investor


Home Addition Loans                                                                                                                                        

Home addition loans are my specialty. Homeowners need a better way to finance a home addition. In the past, homeowners wishing to finance a home addition had few alternatives. These were 1) Pay for the home addition in cash. 2) Do a cash-out refinance based on the current value of the home. 3) Take out a home equity loan on the current value of the home. Home addition loans solve this problem. Email with questions on home addition loans

I am a home addition loans mortgage broker and represent 22 of the largest home addition loans or construction lenders in the market. As a broker, I work for my client and not the lender, taking the time to understand your situation and placing you with the lender whose home addition loans most closely matches your needs. I give you unbiased advice and support throughout the process. Home addition loans are a specialized part of mortgage banking and most lenders or brokers do not have the experience to guide you through this complex process. I have given you some basic home addition loans information but call to discuss your project. At the fundamental level, construction lenders offer two types of home addition loans characterized by how they base interest rates during the construction phase. I refer to these approaches as One Step and Two Step

A home addition can be an exciting project but financing a home addition can be difficult. Home addition loans are a variation of the "One Time Close" construction/perm home addition loans product. The advantage of home addition loans is that we lend against the finished or "as completed" value of the property rather than the current value of your home as most other lenders do.

The home addition loans have two uses:

If you are purchasing a property that would be perfect if it had....... The first disbursement acquires the property and subsequent disbursements occur at predetermined points in the construction process. After construction, the loan modifies into the permanent loan of choice saving the cost of a second closing.

If you are remodeling an existing property because it would be perfect if it had.... The first disbursement refinances any liens against the property and advances the contractor any up front costs. Subsequent disbursements and modification follow the above process.

Under the above programs, you may act as your own General Contractor if the remodeling costs are less than $50,000 and the "footprint" is not changed. If your project is large or will change the foundation we will require a fixed price contract with a licensed contractor.

I have included a list of the mortgage documentation requirements to process, a section on Frequently Asked Questions, a section on home addition loans draw schedules, and information on home addition loans fees. They may require the use of a contractor. I have a section on contractor requirements and contracts.

NEW! A newsletter giving a detailed description of remodeling programs available by email.

We offer the ability to qualify and close into several unique programs for borrowers with non traditional income or asset situations. Please visit my Stated Income Construction Loans page.

Search the site for more information.

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.