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re: Mortgage-Building a new home
Posted on 9/8/11 at 9:55 am to ScottieP
Posted on 9/8/11 at 9:55 am to ScottieP
Yes, I am getting construction loan from the bank that has my land loan. The plan is to have the builder take draws from the construction loan. The permenant loan will come from a different bank. The permenant bank will appraise the home at the beginning of the process. They called it "subject to completion" appraisal. I'm just so worried I will miss something and delay the process. At the same time I have to sell the trailer that I am living in. I'm not sure when to put this up for sale. It will have to be moved as the land it sits on now is not mine. Very stressful times as I also have a two month old at home.
1
Posted on 9/8/11 at 11:57 am to rmumph1
I hear what you are saying. We put our house for sale and it sold in 3 weeks. We moved in with my parents while we were building the house. Which I feared but it was a blessing. We had no bills while we were building the house. Was able to sink a lot of cash into the house and was able to actually take out less in permenant loan than our construction loan. Take what the bank will give you for the construction loan. You are only going to pay interest on the money you take not the whole sum. That way you have a little wiggle room.
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