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Basics of Construction Loans - 03/27/08 01:29 PM
How do Construction Loans Work?                                         
A construction loan finances the following:  
•1.     The land                                                                                
•2.     Land improvements -i.e. clearing, grading, utilities, etc.
•3.     Actual construction costs
•4.     Finishes to the home - i.e. carpet, appliances, tile, etc.
•5.     Architect or engineering fees
•6.     Permits
•7.     Interest Reserve account to pay your mortgage during construction
•8.     Closing costs (in most cases)
A one-time-close construction loan modifies to a permanent mortgage when the home is finished. So, you can finance the initial purchase of the land plus the cost of building your new home.  You pay just one set of closing costs and you are only approved once!
Rate and terms can … (0 comments)

Jewelry, toys, and cars are not liquid assets! - 03/19/08 05:54 PM
Have you ever heard this from a client? 
"Well my 2007 Camry is paid off and that's worth about $15,000"  or "I have a dune-buggy that I paid cash for last year, can't you state that on the application?" 
With guidelines tightening up in recent months, and lenders requiring more assets than ever, I find myself trading these kinds of stories with my co-workers quite often.   We laugh about it of course, and then gently tell our clients that they need to sell their toys in order to count. 
As funny as we find this, there is an underlying problem here … (0 comments)

 

Katie Marchione ~ Community First Financial

Scottsdale, AZ

More about me…

Community First Financial

Address: 7575 E. Redfield Rd. Suite 235, Scottsdale, AZ, 85260

Office Phone: (480) 305-8900 x 315

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