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loans: Construction to Permanent vs. Construction Only - 10/30/07 06:04 PM
What is the difference between "Construction-to-Permanent" and "Construction Only" loan programs?
A C/P or Construction-to-Permanent, also called "One Time Close" is a type of construction loan that rolls directly into your permanent financing once your home has received its Certificate of Occupancy. Typically, the borrower qualifies for the loan to the guidelines of the permanent loan. The borrower can select whatever end loan program that a lender may have in their portfolio (ie. 30 year fix; 3/1, 5/1, 7/1 ARMs, Interest Only, 15 year fix, etc.). The construction period is the riskiest part of the loan. Thus, lenders will charge a … (4 comments)
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loans: Construction Loans 101 - 10/30/07 05:56 PM
What are the reasons people buy resale homes over building thier own custom home?
Tangible product. They can see, smell, and touch the new home they wish to buy. Time line. Most resale homes are available with in 45-60 days. Inventory. Easier to find an existing home rather than a vacant lot. Variables. Building requires: Realtor, land, builder, plans, options, time, patients, vision, trust, etc.... Education. Many customers that build homes invest more time into their "purchase" and at the same time have to educate themselves with land, building and builder.This list can go on all day long, but the theme of the idea is HOW DO WE HELP OUR … (0 comments)
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loans: Brokers vs. Banks - Pick me first! - 10/11/07 05:57 PM
Lately, I am hearing more and more from realtors and others that they are urging borrowers to go to their local banks for financing. They are telling them to stay away from larger banks and mortgage brokers due to unstable market conditions ( ie: subprime mess, lenders closing )
Now I may be biased, being that I work for a mortgage broker, but I am here today to tell you why you should be ENCOURAGING your borrowers to seek out mortgage brokers:
•1. We work on commission. We are committed to getting your loan done because if it doesn't close, we don't get paid. … (35 comments)
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loans: From Rich Dad to co-owner of Community First Financial - 10/11/07 05:12 PM
Former Rich Dad executive creates opportunity in a down market and educates others how to do the same
2007-10-04 00:15:50 - ( EMAILWIRE.COM, October 03, 2007 ) SCOTTSDALE, Ariz. - This week, the National Association of Home Builders/Wells Fargo index of builder confidence plunged to 20, the lowest it's been since January, 1991. Foreclosures are up. Confidence is down. Buyers are waiting to buy and builders are postponing construction. The National Association of Realtors last week predicted the housing slump would last until 2008, while Moody's Investors Service said the slump might continue into 2009. Hardly a good time to get … (1 comments)
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loans: Is it wise to mix friends and business? - 10/03/07 05:30 PM
Hello, here is the first blog from another new member of Active Rain!
I have been in the mortgage industry since 2003 and I am a Loan Coordinator for our construction loan division at Community First Financial. Whenever the opportunity arises, I like to originate my own loans as well.
So I thought that I would write my first blog about something I have been wrestling with in my mind quite a bit lately:
Is it worth it to handle your friends and family's loans?
On the one hand, I love being able to help my friends and family. I know that they will … (0 comments)
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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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