Building your own home can be exciting. You get to build the home just how you want it – you don’t have to rely on a builder’s choices. But with the choice to build your own home comes the need to find a construction loan. Compare Offers from Several Mortgage Lenders. You have two options when financing your home as it’s being built – single-close loan or a two-close … [Read more...] about Benefits of a Single-Close Home Construction Loan
If you are building your own home, you’ll need help with the financing. Because you cannot take out a standard mortgage without a home to live in, you’ll need a construction loan. This loan provides temporary financing to help you fund the cost of building the home. Once the home is complete and livable, you will need to refinance the loan into a permanent mortgage. Get … [Read more...] about What are the Requirements for a Construction Loan?
Buying land without a house on it has different requirements for the approval process. A land mortgage is riskier for lenders for a variety of reasons. Here we discuss the requirements for qualification and how to get through the approval process. Why Loan Loans are Risky Lenders prefer it when land has a property on it because property appreciates. Land, on the other hand, … [Read more...] about Land Mortgage Requirements and Approval Process
Beginning the home building process should not be complicated if you make some key decisions. These decisions will take some serious thought on your part as they will have a dramatic effect on the end result. The key decisions that you have to make initially before commencing the building of your home include: Affordability Site Selection Design of Home … [Read more...] about Key Decisions Required Prior to Starting the Home Building Process
You found the land you want to purchase to eventually build your home on and cannot wait to purchase it. But you suddenly find that securing financing for the land is not very easy. Why did your friend who built his home from the ground up have no trouble getting a construction loan but you cannot get a land loan? There are many reasons for this situation – lenders do not like … [Read more...] about 5 Reasons it is Harder to get a Lot Loan than a Construction Loan