troy schuricht: Remodel and Construction Loans - 05/31/08 09:51 AM
Rehab and Renovation 
Maybe you like the location, but not the home. Maybe you like the house, but not the kitchen. Maybe you like the home you live in, but want  a bigger one.  Use of a construction loan can help you build, rebuild, remodel or rehab any home you choose.  Most work can be completed cheaper than you would think.
Heres how it works:
The loan is based on the value of your home AFTER the renovations are finished. This gives you the flexibility to make your home into more than you could with just your current home equity. During construction, the loan is … (3 comments)

troy schuricht: The Best Loan Options for the Construction of Your Home - 02/11/08 11:24 AM
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 little more in fees to administer the loan and a higher … (3 comments)

troy schuricht: How to Pick Your Construction Loan Officer - 02/11/08 11:16 AM
 
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 … (0 comments)

troy schuricht: How much "Skin in the Game" do I need? - 01/23/08 01:22 PM
Maricopa County, the largest county in Arizona and one of the largest county in the USA, had over 22,000 building permits issued in 2007.  This estimate is provided to me by Construction Monitor, LLC.  With in this 22,000 there were some quite large home built and many of them still being built.  The ultra luxury home that is 10,000+ square feet can take 2 or more years.  Now here is a question that I received today;  What is the largest construction loan I can do?  My answer is pretty simple: there is no limit.   If you want to build a $20 million … (1 comments)

troy schuricht: What is the largest construction loan available? - 01/23/08 01:17 PM
 
 Maricopa County, the largest county in Arizona and one of the largest county in the USA, had over 22,000 building permits issued in 2007.  This estimate is provided to me by Construction Monitor, LLC.  With in this 22,000 there were some quite large home built and many of them still being built.  The ultra luxury home that is 10,000+ square feet can take 2 or more years. 
Now here is a question that I received today;  What is the largest construction loan I can do?  My answer is pretty simple: there is no limit.   If you want to build a $20 million … (2 comments)

troy schuricht: The Best Real Estate News in 2008 is... - 01/15/08 12:20 PM
 
Interest Rates are at the lowest level we have all seen a long time.  Purchases and Refinancing is about to become popular again. 
Despite all of the recent well reported real estate related woes, I have great news for everybody.  RATES ARE DOWN!  And truth be told, rates are actually way down.  Rates are currently better than anything we have seen in the last 3 years, and by the time you read this, they could be at an all time low for the last 10+ years!
 
The reason they are so good today is really difficult to pinpoint.  There are really dozens of reasons, … (3 comments)

troy schuricht: Construction Loans ? Why and When to Use Them - 01/15/08 12:10 PM
Why use a Construction Loan?Building your dream home, though exciting, may present many challenges. Although you may be familiar with the traditional mortgage process, a construction loan includes additional elements of risk. In a typical construction project, the contractor will request funds when work is completed. Many times a homeowner will build their dream home without the use of financial institution funds. There are various ways to pay your contractor, many people feel they should pay cash, use a home equity line of credit from another property or cash out an investment.This presents unique challenges for the homeowner. The homeowner must … (0 comments)

troy schuricht: How do you avoid payments during construction of your home? - 01/10/08 04:41 AM
 
Use an interest reserve account:
At loan closing, an account is established to pay the estimated interest costs during the construction of the home. Since the borrower is only charged interest on the amount of funds disbursed, an estimate of the average disbursed amount is made. Your construction loan specialists will estimate that, on average, 60% of the loan amount will be disbursed during the term of the construction period. This interest reserve account is paid up front and is held to pay the interest during the time of construction.  The idea of this account is to help individuals so they do not … (2 comments)

troy schuricht: Why use a Construction Loan? - 12/28/07 06:18 AM
Building your dream home, though exciting, presents many challenges. Although you may be familiar with the traditional mortgage process, a construction loan includes additional elements of risk. In a typical construction project, the contractor will request funds when work is completed. 
Many times a homeowner will build their dream home without the use of financial institution funds.  There are various ways to pay your contractor, many people feel they should pay cash, use a home equity line of credit from another property or cash out an investment.
 This presents unique challenges for the homeowner. The homeowner must manage the additional responsibility of ensuring all … (0 comments)

troy schuricht: Log Home Construction Loans - 12/28/07 02:08 AM
The all inclusive, one-time close, Log Home Construction Loan program will insure that building your log home is a simple and rewarding experience. The log construction loan program will work hand in hand with the Log Home Company of your choice. These programs are specifically designed to provide the funding necessary for your Log Home order to be placed and also for the delivery of your Log Home to your construction site. The one-time close feature of the log construction loan, combines three loans into one, encompassing your land purchase, (if necessary), your log home and construction costs, and your choice … (0 comments)

troy schuricht: Construction Loan Interest Reserve Account - 12/27/07 12:52 PM
Interest Reserve Account:
At loan closing, an account is established to pay the estimated interest costs during the construction of the home. Since the borrower is only charged interest on the amount of funds disbursed, an estimate of the average disbursed amount is made. Your construction loan specialists will estimate that, on average, 60% of the loan amount will be disbursed during the term of the construction period. This interest reserve account is paid up front and is held to pay the interest during the time of construction.  The idea of this account is to help individuals so they do not have two … (0 comments)

troy schuricht: Unstanding the Costs of a Construciton Loan - 12/27/07 12:46 PM
Understanding the Costs Involved · As you begin the process of building a new home, you'll want to understand the costs associated with your construction and permanent loans.  You'll also need to know when the expenses occur so that you can prepare an accurate budget · You can begin construction with as little as a 10% down payment or 10% equity in the total cost to acquire your lot and build your new home. If you don't own your lot, the first draw of your construction loan may be used to pay off your lot.  There are instances that a borrower … (1 comments)

troy schuricht: Benefits of a "Two Time Close" Construction Loan - 12/27/07 12:37 PM
 
Two Time Close Benefits:
Underwriting guidelines are more forgiving (must show end loan approval in some cases) Up to 24 months to complete construction Wide variety of programs to choose from for the permanent mortgage Flexible down payment options Interest-only payments during construction, with a floating rate based on the prime rate plus a marginUsed to finance most SPECSUsually higher LTV's allowedUsually higher DTI's allowed 
     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/
click to: Google Troy Schuricht!
(0 comments)

troy schuricht: "Two Time Close" Construction Loan - 12/27/07 12:32 PM
 
The Two-Close allows for flexibility to make changes while you build. With the Two Time Close, you get construction financing up front and close on your permanent mortgage after the home is completed.  Because the permanent loan amount is determined after construction, you can make changes and add enhancements throughout the building process.  The term is 6 to 24 months and interest rate is determined by prime plus or minus a margin.   The margin is determined by your risk, which is: credit scores, loan amount, equity in project and other factors.
 
 
     Troy Schuricht
 
7575 E Redfield Rd   Suite 235
Scottsdale, AZ  85260
480-305-8905 - office
480-393-8801 … (2 comments)

troy schuricht: Benefits of a "One Time Close" Construction Loan - 12/27/07 12:04 PM
One Time Close Construction Loan Benefits:
Finance the lot, home construction costs, closing costs and mortgage into one loan "Build On Your Lot" financing - lot balance is paid off with first draw Loan is based from the "appraised value", in some instances borrowers have a minimum contribution, this allows for low down payments All permanent loan options: 30 year fixed rates, ARM's, Interest only, Option ArmsFinancing for primary residence, second homes and investors Stated income availableSaves time and MoneyStreamlined qualifying process Single set of closing costs Up to 24 months to complete construction Rate locked in at closing, with an option to "float down" to a new rate … (2 comments)

troy schuricht: "One Time Close" Construction Loan - 12/27/07 11:56 AM
A One Time Close Construction Loan is a mortgage financing option for new home construction. This loan program combines financing for a lot purchase (or lot payoff), home construction costs and mortgage into "one loan".
There are two phases to this loan program: an "interest only" construction phase and a permanent mortgage phase; however, there is only oneclosing. The borrower pre-selects a construction term of either 6, to 24 months based on the amount of time needed to build the home. The Builder, or General Contractor, requests incremental draws or line item draws during the construction phase for payment of materials, supplies and labor. "Interest … (2 comments)

troy schuricht: How to Start the Construction Loan Process - 11/21/07 08:34 AM
The options for construction lending have never been better.  Construction loans now offer lot financing and construction financing all in one.  Years ago the process often required the borrower to first get a lot loan, then a construction loan, and then get a permanent loan when the building process was over.We here at Community First Financial, LLC have never been fully satisfied with that process, over the years we have developed a process and a loan that is more builder-friendly and a process that makes the customer feel comfortable.We now have a Construction Loan program that allows the borrower to close … (1 comments)

troy schuricht: Construction Loan Disbursement - 11/14/07 12:15 PM

     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/
http://activerain.com/tschuricht
 
(0 comments)

troy schuricht: Construction Loan Closing - 11/14/07 12:13 PM
     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/
http://activerain.com/tschuricht
  … (2 comments)

troy schuricht: Construction Loan Processing - 11/14/07 12:10 PM
     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/
http://activerain.com/tschuricht
  … (0 comments)

 

Troy Schuricht

Scottsdale, AZ

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Community First Financial

Address: 7575 E Redfield Rd Ste#235, Scottsdale , AZ, 85260

Office: (480) 305-8905

Mobile: (602) 790-0210

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