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Posted by: admin | November 27, 2008 | 1 Comment |How do construction loans work?
Posted by: admin | November 26, 2008 | No Comment |
Wendy Jean asked:
I understand you take draws on the materials and labor used, and only pay the interest on the money you have spent. Then in a year, or once construction is complete, it rolls into a mortgage loan. But are there closing cost associated with this?
I understand you take draws on the materials and labor used, and only pay the interest on the money you have spent. Then in a year, or once construction is complete, it rolls into a mortgage loan. But are there closing cost associated with this?
What are the ins and outs of getting a construction loan to build a home?
Posted by: admin | November 21, 2008 | 3 Comments |
amyann16 asked:
My husband and I are 1st time homebuyers. We have been preapproved for a house loan, but are not having luck finding what we want. We have toyed with the idea of building our own. What are the differences between getting a preapproved loan and buying a already built house and going through getting a construction loan? Do you have to put money up front for a construction loan? Do you make mortgage payments while the house is being built, or do you wait until the house is completed? Is there a time frame that the house must be built within? If we were preapproved for a certain amount with a homebuyers loan, would we likely be preapproved for the same amount for a construction loan? What other differences should I know about? Since we are first time homebuyers we do not have much collateral (we do have some savings, but not a ton), would that affect our ability to get a construction loan?