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Maryland Construction
loans Carteret
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 Construction Loans include available in Maryland include:
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 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. Construction loans are complex and are a specialized area of mortgage lending. I have many years of experience in construction loans and in most years will close in excess of $3,000,000 of these loans. As an experienced mortgage broker, I have access to most construction loan programs available today and will research the market for the construction loan program which makes the most sense for you. I prefer to analyze your goals and financial situation before I recommend a loan 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. Learn more about investing 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.
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