How special are construction loans?  In a report from Countrywide Home Loans, only 1 in 10 loan officers do more than 1 construction loan per year.  So less than 10% do more than one loan per year, this makes finding a loan office that is experienced with construction loans very difficult.  Like all advisor's associated with real estate, loan officers should be interviewed by potential clients.  Here are a few questions that individuals seeking a construction loan should ask their future loan officer candidate:

1. How many CONSTRUCTION loans do you close PER MONTH?  - Experience is everything.

2. Have you closed a loan in my neighborhood? - Knowing the local area can make or break a deal

3. Can you provide testimonials and references? - Word of mouth from someone else.

4. Do you have an on-line presence? - The Internet is a great tool for information.

5. Do you work for a Broker or Bank?  If you choose to work with a loan officer at a Bank you could only have one option.  Brokers on the other hand can have hundreds of options for you.

6. Are you a lead generation web site? Be-careful about on-line application for construction loans. - Most site are lead site not actual mortgage companies that specialize in construction loans.  Your information is collected and SOLD.

     Troy Schuricht

7575 E Redfield Rd   Suite 235

Scottsdale, AZ  85260

480-305-8905 - office

480-393-8801 - fax

http://www.communityfirstfinancial.com/

http://www.yourlendertroy.blogspot.com/

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