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re: 30 year mortgage rates.
Posted on 5/20/16 at 10:15 am to hawkeye007
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.
1
Posted on 5/20/16 at 1:21 pm to ItNeverRains
when doing 1 time close products we always give the customer the option to stay in the construction loan. IE I have customers that use the 10/1 arm at 3.375% to build the house then stay in that loan once the house is complete. so on a 30yr am they are getting a 3.375% rate for 10yrs. the cost to the consumer is the construction fee which normally runs around $2700. its a flat fee.
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