construction loans: Now is a Great Time to Build a Home - Despite Lumber Price Increases
- 09/08/20 04:54 AM
In the last six months, lumber prices have drastically increased. By drastically, we are talking by more the double the price they were at in March. This has driven the price of a house up sharply as we approach the end of the year. But we have also seen, historically, the lowest interest rates for a home mortgage. We are talking near record lows for a home mortgage. Most home buyers take out a 30-year loan to finance their home. So now we have what is called a quandary (i.e., a state of perplexity or uncertainty over what to do in … (3 comments)
construction loans: What is Your Home Purchasing Power?
- 03/25/19 02:55 AM
When you plan to build a home, it usually isn’t an impulse purchase. It is a big decision. Many think about building their new home for years. They dream and plan for the day they will be able to build the home they want for them and their family. Planning for how to fund the purchase of a new home should be thought about in the same timeframe. If you will need a mortgage to achieve your new home goal, there are things you can start doing today to help make you successful. While you won’t go to a lender and get pre-approved for … (0 comments)
construction loans: Getting a Home Mortgage: The Ten Commandments
- 07/23/18 03:18 AM
Buying a new home is exciting! Most people will only build and finance a new home just a few times in their life. When you need a mortgage to get your new home there are a few rules that you need to know about. While some may seem like common sense, they still get broken by many home buyers. When they get broken, they can add weeks to the mortgage approval process or even worse, sink your hopes of getting a home for a year or even more. Here are 10 “Thou Shalt NOTs” you need to know about. THE TEN COMMANDMENTSThou … (1 comments)
construction loans: Put Your Mortgage Goggles On: A Lender's Credit Score View
- 10/02/17 04:55 AM
The first thing you hear from almost any source when you start to think about building a new home is to check your credit score. Most prospective home buyers then head to websites like myFICO or Credit Karma to get their credit score. For some, this may be the first time they have actually ever seen their credit score. The big day comes to apply for a construction loan to build a custom modular home and then it hits them. The score the construction loan lender says they have is very different than the one they accessed on one of the popular websites. How can … (1 comments)
construction loans: Why Waiting to Build Means More Risk with Rising Interest Rates
- 02/03/17 01:09 PM
THE PERIOD OF SUPER-LOW INTEREST RATES MAY BE COMING TO AN ENDRegardless of your political bent, things have changed. The Federal Reserve has managed the economy for the last eight years by holding its rates at unprecedented lows for an unprecedented timeframe. That is about to change. No matter what you believe, the market seems to believe that the new President’s promises, if delivered on, will stimulate stronger economic growth and trigger higher inflation. As a defense against the inflationary part, they have announced that this year they may implement up to three interest rate increases. While the Fed Rate isn’t the … (0 comments)
construction loans: THE SEVEN STEPS OF MODULAR CONSTRUCTION FINANCING
- 09/06/16 01:59 AM
CONSTRUCTION LOANS FINANCING STEPSLenders and custom home builders work with construction loans regularly. A home buyer may build a home one to three times in their lifetime. With all of the recent changes, even home buyers that have built a home before will be in for some new twists. However, people are building homes every day that they had to get a construction loan to build. Sometimes it is hard to figure out where to start. To take out some of the mystery, here are the seven basic steps to getting a construction loan. 1. GETTING PRE-QUALIFIEDA mortgage pre-qualification will provide you with a budget estimate … (2 comments)
construction loans: What Makes a Construction Loan Harder to Get?
- 07/22/16 07:16 AM
WHY ARE CONSTRUCTION LOANS HARDER TO GET?Let’s start out by comparing a construction loan to what most people call a home mortgage. Almost everyone that is a home owner, at one time or another, has had a home mortgage. A home mortgage is a loan that is secured by an asset, typically your primary residence, for a term of 30 years. When done properly, they pose very little risk for banks. There is a home that exists, you are living in it, and they have verified that your income and your payment history almost guarantees you will repay the loan according … (0 comments)
In the last six months, lumber prices have drastically increased. By drastically, we are talking by more the double the price they were at in March. This has driven the price of a house up sharply as we approach the end of the year. But we have also seen, historically, the lowest interest rates for a home mortgage. We are talking near record lows for a home mortgage. Most home buyers take out a 30-year loan to finance their home. So now we have what is called a quandary (i.e., a state of perplexity or uncertainty over what to do in … (3 comments)
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