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Started By
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Question about Mortgages?
Posted on 2/11/17 at 1:46 pm
Posted on 2/11/17 at 1:46 pm
Currently have a 30yr mortgage on a home and recently bought a piece of land that mrs and I want to build our forever home on.
Our plan is to start building in 5 years after land is paid off. And once house is done rent out our current house.
Can this even be done? Or will the construction loan be counted as some sort of vacation home mortgage at higher than normal interest rates?
Our plan is to start building in 5 years after land is paid off. And once house is done rent out our current house.
Can this even be done? Or will the construction loan be counted as some sort of vacation home mortgage at higher than normal interest rates?
2
Posted on 2/11/17 at 2:03 pm to geauxcats10
You'd have to be able to pay both home mortgages.
Posted on 2/11/17 at 8:04 pm to geauxcats10
No, a lender cannot make you change the terms of your initial mortgage. Your construction to perm will be no different even though you decide to keep previous residence after moving in new one.
Other way around and investor rules apply if not 50 miles from primary
Other way around and investor rules apply if not 50 miles from primary
This post was edited on 2/11/17 at 8:05 pm
Posted on 2/12/17 at 12:21 pm to ItNeverRains
You're right but we could qualify the fully drawn out/amortized payment against if the lot loan is in interest only period.
Posted on 2/12/17 at 1:01 pm to SomethingLikeA
quote:
You're right but we could qualify the fully drawn out/amortized payment against if the lot loan is in interest only period.
You're right, but I don't think it's a good way to get referrals and build a book of business
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