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| *Ostroff, Fair and Company>>>Credit |
What is the best kind of loan to get for money to build a house? |
I want to build a house on a piece of land I have. I am going to get it built professionally by a guy who owns his own company. I just want to find out about different loans for that and which ones are the best. your best bet would be to get a CONSTRUCTION LOAN...that way the builder will get draws from the bank as he builds the house...and the builder has to submit papers for the draws...so you would have a better chance at not getting scamed out of your money.... good luck Home loan http://www.freewebs.com/get-any-loan/... Equity Line http://www.kiplinger.com/basics/archives... At the moment, I'd steer clear of the normal fixed rate loans. The market is not in the best of shape, and you're not going to get very good rates. You need a constraction loan, the one you will start paying after 6-12 month. For this you need to spend some money first. You should have architectural drawing and budget for constraction, The guy who will build should have a license. When you get this staff together you can ask for constraction loan. After constraction will be done you will refinance this for a regular home mortgage. Good Luck! You can get a loan called a construction to permanent loan. You take the application and the builder draws on the loan as needed. that way you only pay interest on what has been drawn. Then the loan goes to permanent financing once the construction is complete. Most Mortgage Brokers can get this loan for you. |
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