Construction – permanent loan? - construction to permanent loans
I have an empty field with the 1st Mortgage $ 200K loan with BB & IT implementation by the very construction loan lender with BB & T. At the table, I realized that the solution is to build - on permanent loan when construction loans ($ 400K). I asked the loan officer and said it was the right and the only way to provide a construction loan. He refinanced meine 1 Mortgage of $ 200K - which the lender was himself - and created a construction loan of $ 400K.
Q1.What do you think? Was this a right way?
The application for the loan officer construction loans only marks - on permanent loan. As I said earlier refinance my existing mortgage.
Q2.They not finish in the section of refinancing?
I think it is a random construction loan program.
Q3.It not all details about the construction loans HUD show?
Tuesday, January 5, 2010
Construction To Permanent Loans Construction – Permanent Loan?
2 comments:
Dear Sung
Your lender is not only to the law, its financing of the restructuring, but I seriously doubt it would build lenders willing to accept a second lien position behind its original funding. That was certainly not the only way to minimize the bid together, but of course the possibility of the risk of potential lenders. In this way they keep you as a customer rather than splitting the loan and gives you the opportunity to refinance $ 200.000 seconds, at a later date. Of course, it could be a first mortgage subordinate to the lien of the construction, but are now organizing the implementation of financing to the risks that surround them minimize, to.
You are free to walk the proposed agreement, but it is expected that market, other lenders, is ready, willing and able to both a building and take a loan to commit?
You need to show a program to create their president "construction, to ensure that meets your financial needs in the important moments of the reference required.
The disclosure requirements for mortgage lending is not as serious as those of consumers. No wonder there is a lack of details, but the time is ripe to examine your legal advice in response to specific disclosure requirements for your questions and alleviate the risk of unwanted surprises future. You can wear additional documentation regarding the financing.
Have you own land, which is built in? frost-free? I asked myself, I had to buy my land, before I get a loan for the construction,
but it was 24 years ago .. Just wondering.
Post a Comment