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re: 30 year mortgage rates.
Posted on 5/20/16 at 9:57 am to sonoma8
Posted on 5/20/16 at 9:57 am to sonoma8
construction loans are a little different with the bank I work for. We do a one time close and most customers are taking the 5/1 arm at 2.875% to build the home and then once the house is completed we modify that to the current 30yr fixed rate.
2
Posted on 5/20/16 at 10:15 am to hawkeye007
quote:
construction loans are a little different with the bank I work for. We do a one time close and most customers are taking the 5/1 arm at 2.875% to build the home and then once the house is completed we modify that to the current 30yr fixed rate.
Whats the cost to the consumer for 5/1 vs standard 12 month build product?
Whats the profit for broker vs typical 12 month construction loan?
Seems weird as mst build outs don't take 12 months, so a 5/1 is just overkill.
Posted on 5/20/16 at 11:13 pm to hawkeye007
You must work for Whitney. That is what I did. 5/1 arm 1st, and now converting to a 30 year. I can't say I really understand. I am still doing a second closing and have some (it seems some duplicated) closing cost associated with it? In retrospect, I am not sure that this was the better route.
I was initially under the impression that it was in fact a one time closing, and I paid everything up front. I didn't realize I would be bringing several thousand dollars to convert to a 30 year.
I was initially under the impression that it was in fact a one time closing, and I paid everything up front. I didn't realize I would be bringing several thousand dollars to convert to a 30 year.
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