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Construction Loan converting to 30yr mortgage
Posted on 5/2/20 at 7:44 am
Posted on 5/2/20 at 7:44 am
Currently building and have a construction loan at a local bank. Starting the process of locking in a rate for a 30yr mortgage. Would the construction loan qualify for the “refinance rates” (under 3%) or is it considered a “new mortgage” (3.25 +\-).
2
Posted on 5/2/20 at 8:02 am to AEXLSUTIG
Typically a construction loan is set up as a mortgage, so the conversion is considered a “refinance”.
Posted on 5/2/20 at 8:18 am to LSUtigerME
My construction loan was at a higher percent than the current mortgage rate (maybe cause I went thru a local bank). Then at the end, when it came time to lock in my mortgage, I locked at the current rates, not the refi rate.
Posted on 5/2/20 at 8:55 am to LSUtigerME
That is what triggered my question. I assumed it was a regular mortgage and not a refinance. But the quote that I was sent yesterday from the loan officer the bank showed it as being a refinance and quoted at 3.25%. Which is good for a mortgage but not so great if it is a refinance.
Posted on 5/2/20 at 9:13 am to AEXLSUTIG
Would be refinance rates. I did this/am going through this currently and am closing on my long term loan next week.
Keep in mind when they do the appraisal for the long term loan, your house has to be complete.
Keep in mind when they do the appraisal for the long term loan, your house has to be complete.
Posted on 5/2/20 at 10:12 am to AEXLSUTIG
quote:
3.25%....Which is good for a mortgage but not so great if it is a refinance.
Bruh
Posted on 5/3/20 at 11:51 am to AEXLSUTIG
quote:
Add value and content, dick.... or carry ur arse back to OT.
Would you please add value by expounding on your statement that a rate of 3.25% for a 30 year refi is not a great rate. Most that I am seeing today are in the 3.5% range. 3.25% is pretty much the lowest historical number. Seems like a strange statement and then calling someone a dick when they call you out on it is actually an OT move.
This post was edited on 5/3/20 at 11:58 am
Posted on 5/3/20 at 10:27 pm to go ta hell ole miss
We were seeing people get 2.5 to 3% about a month ago on refi loans varying between 15/20/30 years. I wasn’t trying to shite on a 3.25% rate. I think it is a great rate. But if I am able to change the status from a mortgage to a refinance and get a better rate by 1/4 to 1/2%, that seems better to me. I am not a mortgage expert and many people have much more experience than I do. I was trying to understand if a construction loan converting over is considered a refinance or not. This thread answered that question, yes. Wasn’t intending on getting into a pissing match over rates. Hell, right now they are all great.
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