|
Welcome
| Information on a Home Construction LoanHome Construction LoansCarteret
Mortgage Company has expanded
its “One Time Close Construction-Permanent Loan” 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 16 of the largest 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 your loan with the lender whose programs most closely match your situation and needs. I am able to 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 this complex process. I have attempted to give you some basic information in this paper but please do not hesitate to call to discuss your individual project. At the most fundamental level, construction lenders offer two types of product characterized by how they base interest rates during the construction phase. I will 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. Several Home Construction Loans include:
I have written a series of newsletters covering construction/perm financing loans which are available free. I have included a list of documentation needed to process your home construction loan. 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 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 construction department. They offer you the ability to modify into the incredibly flexible Cash Flow Loan when your construction is complete. One final but important note. These are complex and are a specialized area of mortgage lending. I have many years of experience in them and in most years will close in excess of $3,000,000 of them. As an experienced mortgage broker, I have access to most programs available today and will research the market for the program which makes the most sense for you. I prefer to analyze your goals and financial situation before I recommend a program but I will always make sure you clearly understand the options available to you. I stay with my clients from the beginning to the end of the project. If there is an issue with the lender, I will intercede on your behalf. I work for you, not the lender. 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.
I hope this 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.
|
Prequalify for your 