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Started By
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Can I do better than a 3% closing cost on a new build?
Posted on 11/4/15 at 2:23 pm
Posted on 11/4/15 at 2:23 pm
(no message)
This post was edited on 6/25/17 at 7:58 pm
Posted on 11/4/15 at 3:07 pm to man117
Out of curiosity, do they do 90% LTV and what kind of rate did you get quoted?
Posted on 11/4/15 at 3:13 pm to man117
Whitney had the worst rates I came across when shopping around. Figure out who you need to speak with at mid south
Posted on 11/4/15 at 3:26 pm to yellowfin
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This post was edited on 6/25/17 at 7:58 pm
Posted on 11/4/15 at 3:28 pm to Ziggy
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This post was edited on 6/25/17 at 7:58 pm
Posted on 11/4/15 at 3:32 pm to man117
Construction loan officer here. As a banker I built 15 homes last year. Our construction rate was higher than the 30 year rate, but don't sweat that because it's only for a few months. You can find interest rates on bankrate.c on. 3% closing cost is very very very very high. I've done them for under 1% on a one time close, and 1% origination was the standard. It's up to the mortgage loan officer. Id shop. FYI a lot of the bigger banks avoid new construction or make it a pain. Go to community banks first.
ETA I'm not in LA, not sure how much difference that makes.
ETA I'm not in LA, not sure how much difference that makes.
This post was edited on 11/4/15 at 3:37 pm
Posted on 11/4/15 at 3:45 pm to Rhino5
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This post was edited on 6/25/17 at 7:58 pm
Posted on 11/4/15 at 4:41 pm to man117
A 1% origination on loan amount is standard. In addition, you will have inspection fees, appraisal fees and a modification fee if you do a one time close.
$2640 origination, you might have a $1000 mortgage fee, and about $1000 for appraisal and modification.
$2640 origination, you might have a $1000 mortgage fee, and about $1000 for appraisal and modification.
This post was edited on 11/4/15 at 4:43 pm
Posted on 11/4/15 at 4:46 pm to man117
The big banks don't have the personnel to monitor construction progress. A small bank knows all the local builders too. Just remember not to focus too much on the construction rate. We charged 5.25% construction rate when 30 year rates were 3.5%. Your 30 year rate will be locked in 60 days from completion. Definitely shop and go to construction sites and see if there are yard signs from the bank financing the project.
Posted on 11/4/15 at 4:53 pm to Rhino5
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This post was edited on 6/25/17 at 8:00 pm
Posted on 11/4/15 at 4:58 pm to SomethingLikeA
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This post was edited on 6/25/17 at 8:00 pm
Posted on 11/4/15 at 5:19 pm to man117
quote:
Do you know anyone with fees that low? I am currently at 6800 instead of the 4640 you are guesstimating.
Yes. I did mine with Gulf Coast. That was my scenario. 1% on loan amount, about $1000 for the mortgage side, $500 modification, $450 appraisal,$250 re appraisal cert at modification. Those were my bank fees from my worksheet they gave me. Any other costs were title company and insurance.
I did my loan with Joe Uzee. All his info his public if you want to look him up.
Posted on 11/4/15 at 5:39 pm to SomethingLikeA
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This post was edited on 6/25/17 at 8:00 pm
Posted on 11/4/15 at 6:39 pm to man117
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This post was edited on 12/21/21 at 10:11 am
Posted on 11/4/15 at 6:41 pm to Rhino5
Hit me up at daviddsims1@gmail.com. I have a couple of questions.
Posted on 11/4/15 at 7:12 pm to Ziggy
quote:
they do 90% LTV and what kind of rate did you get quoted?
Just closed on a construction loan through Feliciana Bank today. They do 100% LTV. They will even roll the closing costs into the construction loan. Our first draw today was for the land.
Posted on 11/4/15 at 7:59 pm to JonTheTigerFan
Is LTV the amount the plans appraise for when you go to bank for construction loan approval? So if I go with my plans and a bid, they will order appraisal and I would get 90% of that?
Posted on 11/4/15 at 8:53 pm to daviddsims
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This post was edited on 6/25/17 at 8:01 pm
Posted on 11/5/15 at 9:39 am to man117
I can understand you wanting to get the lowest closing cost possible but something you might want to think about is the process. I am a little biased because I work for Whitney Bank, but we do mortgages at Whitney Bank and a lot of them. The ease of the process is worth the extra $1000 dollars. Also get with your contact at Whitney Bank and show them a GFE from Mid South and see if they will match it.
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