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Home Construction LoanHome construction loan products are my focus. Carteret Mortgage has expanded its “One Time Close Home Construction Loan” offering. Home construction loan products allow you to purchase the lot, fund the construction of your home using a home construction loan combined with your permanent loan and close only once, saving you a substantial money in closing costs. Email with home construction loan questions I am a home construction loan mortgage broker and represent 22 of the largest home construction lenders in the country. As a mortgage broker,please note that I work for you, my client and not the lender, taking the time to understand your situation and placing your home construction loan with the lender whose home construction loan programs match your needs. I am able to give you unbiased advice and support throughout the home construction loan process. Home construction lending is a specialty in mortgage banking and most brokers do not have the experience to guide you through this often complicated process. I have given you some basic home construction loan information here but please feel free to call to discuss your individual home construction project. At the most simple level, home construction lenders offer two types of product characterized by how they base interest rates during the construction phase. I refer to these approaches as “One Step” and “Two Step” Several Home Construction Loan products include:
If you have owned your lot for 1 year, or if you have documented "on site" improvements to the property, we may be able to use this equity to meet your down payment requirement or create an interest reserve account. I have written a series of newsletters covering these which are available free. I have included a list of documentation needed to process. There is a new page detailing construction loan fees. I have included detailed information on extended interest rate locks with a free float down option. I have included a page on how to calculate your mortgage qualification ratios. I have included detailed Frequently Asked Questions and common misconceptions about the process of building with a construction/perm loan. I have also included information on the specialized areas of log home, modular home, or timber frame financing One of the questions I frequently get from my clients is about finding a qualified and reliable contractor. After a great deal of research, I do recommend Reliable Remodeler. I have personally used their free service and was very pleased with the outcome. Please complete their contractor referral form for up to 4 local pre screened contractors. New! One of my favorite lenders has finally reopened their lending department. They offer you the ability to modify into the incredibly flexible Cash Flow Loan when your construction 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 scroll down to 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.
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