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Home loan for new constructionCarteret
Mortgage Company has expanded
its One Time Close Home loan for new construction” offering. These programs
allow you to purchase the lot, fund the construction of your single family home
using a construction product combined with your permanent loan and close only
one time, saving you a substantial amount of money in closing costs. I am a
mortgage broker and represent 22 of the largest construction lendersavailable. As a broker, I work for
you, my client and not the lender, taking the time to
understand your situation and placing your loan with the lender whose programs
most closely match your situation and needs. I give you unbiased
advice and support throughout the process. Construction lending is a specialized
part of mortgage banking and most lenders or brokers do not have the experience
to guide you through sometimes complicated process. I have attempted to give you some
focused information in this page but please do call to discuss
your project. At the most basic level, 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”
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. Depending on the size of the interest reserve account, these funds may make some or all of your payments during the construction phase. I have written a newsletter covering construction/perm loans, and a construction FAQ is available. I have a list of documentation needed to process your loan. 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 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 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 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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