Home Construction Loans
You can maximize your savings by shopping for a lender that can provide you with a combination loan. The combination loan starts as a construction loan. During this phase, your lender cuts checks to your builder and their subcontractors as they successfully reach significant steps in the building process. Once your home nears completion, your lender activates a traditional mortgage. The new loan pays off your construction loan and rolls the remainder into the assessed value of the new property. The first way a combination loan can save you money is by eliminating a second set of closing costs. By handling both deals simultaneously, you save yourself and your lenders considerable time and money, savings that lenders are happy to pass along in the form of preferred rates. Many banks let the commercial side of their business handle construction loans, while the consumer division oversees the mortgages. Therefore, the best place for you to start your hunt for the best deal is with the branch manager of the banks with offices in your area. Unlike traditional mortgages that can be handled over the phone or the Internet, construction loans require significant local oversight. Fortunately, commercial lenders enjoy the opportunity to plant more roots in their communities. In fact, the commercial banker handling your quote for the construction loan may be able to pull strings to get you a more competitive quote for your eventual mortgage. When shopping for construction loans, understand that the commercial lender will charge a much larger administration fee to compensate for the step-by-step management of your building process. Sometimes, you can expect to pay three, four, or five points (percentage points of your home's value) as a fee to the bank. Considering the amount of work involved in communicating with builders and subcontractors, most administration fees actually pay for themselves by freeing up your own valuable time. As an incentive to keep all of your business under the same roof, many banks will actually rebate much of your commercial loan's administration fee when the time comes to roll it over into the mortgage. You may receive a personal mortgage with no points, or you may even receive rebate points that you can apply to the principal. Throughout your planning process, involve local banking professionals and ask your builder about positive experiences they have enjoyed on past projects with your contender lenders. Kevin Adelsberg is a writer for FDLoans.com. For additional articles and an extensive resource for everything about loans, please visit us at http://www.FDLoans.com
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Modular Homes, The Future is so Bright!
Modular home construction has been around for a few decades now, but the technologies and designs continue to improve Particularly in the last decade, the explosion of designs and the increase in availability of modular homes have rapidly increased the modular home as a wise choice of new home construction
Fireside Home Construction Wins National Energy Efficiency Award
Michigan's Fireside Home Construction recently won a Gold EnergyValue Housing Award (EVHA) from the National Association of Home Builders. For three in a row, Fireside has received an EVHA, one of the nation's most prestigious awards recognizing green builders.
Roof Options For New Home Construction
When designing a new home, or looking to update an existing home, one of the biggest considerations you will need to make involves the roof of the home For many people, the roof of the home is somewhat of an afterthought until a leak springs in the roof and maintenance must be performed
Home Construction Loans
You can maximize your savings by shopping for a lender that can provide you with a combination loan. The combination loan starts as a construction loan.
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Website Arms Consumers With Home Construction Costing Data
CostBuild.com Offers Savvy Consumers Low-Cost Access to Detailed Home Construction Cost Figures.
Houston Home Construction
Houston is expected to grow by 3 million people over the next 5 years Many of these people are moving into higher paying jobs and neighborhoods that afford them the best in style, luxury, and spaciousness in home living
Fireside Home Construction's Energy Efficient Home Earns First LEED© Platinum Rating in Michigan
When Bob Burnside, president of Fireside Home Construction, decided to build a new model home last year, his vision was to build the most energy efficient home possible. The home recently become the first "green" built home in Michigan to receive a Leadership in Energy and Environmental Design (LEED®) Platinum certification from the US Green Building Council. It is one of 12 homes in the United States to receive the top-ranked Platinum rating.
Selecting A New Home Construction Builder Or A Remodeling Contractor
The whole point of having a new home construction builder or remodeling contractor is to ensure that you have a quality job done. To accomplish this, you need to know how to look for the right people. By knowing how to find the right people, you will have less problems and stress during the project.
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