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Previous Questions

loan for a to be bild home

Good afternoon,
Hope everyone around you is doing well.
I'm looking to be a first home buyer, actually most interested to buy a 1 family home to be build.
I'm familiar with the financing of an existing building, but not sure if the same applies if contracting a builder to build your home.
The main question is if the process is similar and whether I can get the same loan amount as for an already build home.
Thank you
Ben

A
This is an intelligent and multi-faceted question, where many factors come in to play. You will still need to show proof of credit, income and assets in order to qualify for your loan, same as a conventional purchase loan. The amount of money you must put down will vary based on the program you choose, and how extensive your construction project will be (i.e. ground up construction versus renovation). The amount of your loan will be based on your “at completion” value. What is definitely different is that you do not receive the full proceeds of the loan at closing. In order to qualify, you must have fully priced and itemized plans from your licensed contractor in advance (your contractor should be prepared to provide documentation to the lender as well). The lender will release funds incrementally, as items on the list are completed. In order to get a full picture, you should speak to a loan originator as early on in your decision making process as possible. Happy House Hunting!

Mortgage after purchasing for cash

If i purchase a property for cash, do i need to wait 6 months to get a mortgage (cash out)?

A
If you purchased the property with personal funds, and you can document the source of those funds, you can refinance right away.

Title loans

Do you do auto loans

A
No, I'm sorry, we do not.

Auto loans

Do you make title loans

A
No, I'm sorry, we do not.

Mortgage Research

I’m shopping for a mortgage. Should I be looking for the lowest interest rate, or are there other more important factors?

A
While interest rates are important, the best mortgage is the one that is best for YOU. By putting the needs of the client first, we can meet the long and short-term requirements that are unique to each borrower. For example, the new home purchaser may need flexibility with their down payment requirements. For the investor looking to free up capital, an interest-only payment or an adjustable rate mortgage may fit best. Too, your loan officer can present a competitive choice of rates which include a no-cost rate, the opportunity to buy down your rate, interest-only payments and more. Taking the whole picture into account: income, assets, personal goals and circumstances etc., will give you a mortgage that works for you.

Mortgage Payments

I have a 30-year mortgage. How can I pay my mortgage down faster?

A
By making one extra payment each year, a 30- year mortgage could be paid off in 25 years! For borrowers who are paid a salary on a bi-weekly basis, this can be incorporated quite easily. Schedule a mortgage payment every four weeks rather than every calendar month, and by year-end, you would have made a total of 13 payments instead of 12. This one small change significantly reduces the amortization term of your mortgage.

Interest Rates

Why are interest rates higher than they’ve been in the last few years?

A
The slight shift upward is a reflection of our improving economy. Generally a better economy leads to inflation- with higher interest rates to make up for it. However, with fixed rates still historically low, now is a great time to borrow.
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