August 27th, 2009
raju79
jiggywalker2008 asked:
If you wanted to build your own house, would you apply for a construction loan? What are the terms of a construction loan? How hard is it to get one?
Posted in Renting & Real Estate
Tags: Building A New Home, Construction Loan
August 21st, 2009
raju79
amyann16 asked:
My husband and I are 1st time homebuyers. We have been preapproved for a house loan, but are not having luck finding what we want. We have toyed with the idea of building our own. What are the differences between getting a preapproved loan and buying a already built house and going through getting a construction loan? Do you have to put money up front for a construction loan? Do you make mortgage payments while the house is being built, or do you wait until the house is completed? Is there a time frame that the house must be built within? If we were preapproved for a certain amount with a homebuyers loan, would we likely be preapproved for the same amount for a construction loan? What other differences should I know about? Since we are first time homebuyers we do not have much collateral (we do have some savings, but not a ton), would that affect our ability to get a construction loan?
Posted in Renting & Real Estate
Tags: Construction Loan, Ins And Outs, Mortgage Payments
July 29th, 2009
raju79
Timothy M asked:
My wife and I recently moved into a new home which we are still paying interest only on the loan. We also just sold our other home and would like to put the money we made off of it down on the loan. Can we put the money down when we convert or do we have to refinance?
Posted in Personal Finance
Tags: Construction Loan, Money, Refinance Loan
July 6th, 2009
raju79
rnemtp asked:
I’ve signed the contract. The bank told me my monthly payments. The lender/underwriters have backed out b/c the appraisal was high! What legal obligations are involved since I’m right on my end and the contract was signed saying that the bank is going to get the loan. I’m in limbo now with nothing to making payments to except outrageous payments of interest on a construction loan? Isn’t there something that can be done to push things along?
Posted in Renting & Real Estate
Tags: Construction Loan, Legal Obligations, Loan Contract
