We are considering building a house and I was wondering, do you start paying your loan while the house is in construction or after it's finished?
132392
Most builders will require some sort of deposit to act as suretyi.e so you don't change your mind. Then they will require you to apply for an "end loan" which starts when the property is completed. The builder carries a construction loan which is usually an interest only loan and when the hse is done, the property is conveyed to the buyer and the buyer starts paying on the end loan. Payments ususally start 30-45 days after the loan closes.
394387
The time is now! I started on October 4th hopping by December 4th When my lease is up i was already out. Well Today is November 20th and I still haven't found my home, the good thing is my loan is already approved, the only thing missing is the house and the long wait between negotiations  and appressal. \n\nMy advise is, get pre-approved or approved FIRST, then start house hunting. The most important thing is to get approved for the best loan before the hunt, which is the easiest part. \n\nMy third application took 30-minutes over the phone with my bank and within 4-business days I was sort of pre-approved.  My original loan amount was for $300,000 which got decline by the underwritter, so I had to talk to him and settle for a $260,000 loan., But a week later, it was finally approved.   \n\n\nSince my original loan amount was decline, I had to look for homes withing that price range in another part of the state. Where I currently live, Homes start at $300,000 and they tend to be small, and needing a lot of work.\n\nMy bank  was my third and last lender, after trying with Credit Suisse which gave me 100% financing at 5.375% then change the terms to 7. 850% for 3-years fixed and 27-years variable without notifying me. \n\nThe second attend was with Quicken Loans, which was a complete waste of time. BTW, if you valued your sanity, AVOID Quicken Loans!\n\nA fixed interest mortgage is the best to go, you don't want to go for one of those "Interest Only" you hear so much about. Thouse will lead you to a foreclosure within 3-year.\n\nFor a 100% financing loan your mortage payments will start the first day of the month 2-months later, mine is set for February 1st. 2007. The monthly payments will  include Principal, Interest, Taxes and Insurance.
496231
from my point of view,i just refinance my house and from 3 people that i saw to do that,nobody told me that i can actually save the money i'm going to spend in closing costs,by the 1 or 2 months that you are not going to be having payments until the new effective due date from your new loan payment
525632
By all means. Yes! however , I wouldn't be asking nor would I be demanding. The best approach is a non-confrontational statement of facts approach that goes something like this: Our lender has sent out his appraiser to your house. The dollar amount they are willing to lend does not provide sufficient funds for us to consummate the purchase of your house at the price we thought we would be able to pay. We still would love to buy your house but to do so we would only be able to pay "X". If this is agreeable to you please let us know ASAP as we will need to continue our house search if it is not.\nOh, by the way someone has removed part of the climbing wall that we had both agreed would remain and I have 3 estimates attached to this letter for what it would cost to put it back in the condition it was in when we reached our agreement. This also needs to be addressed either thru the replacing of the missing portion of the climbing wall or the retention of "X" dollars in escrow to cover the cost. Thank you. We look forward to hearing from you and hope we can work out these details speedily.\n\nDO NOT CLOSE ESCROW UNTIL YOU ARE SATISFIED. Everyone else makes money when you close. The seller, lender, Realtors, title company etc. YOU HAVE THE POWER TO HAVE IT YOUR WAY UNTIL YOU CLOSE ESCROW THEN IT ALL GOES AWAY.
340557
Does he actually own the home and owe nothing on it? That's pretty unusual.  Even if he does, he still needs to pay taxes and utilities.  Of course you have to contribute.  However, you have only known him a few weeks, so if it were me, I would stay put.
611127
I depends on the terms of your bridge loan.  Some lenders have the ability to extend the term of the bridge loan, some do not.  If it can be extended, you may have to make an interest payment on the current one to do so.  If it cannot be extended, you will be required to pay it in full.  Perhaps you can refinance it into a new bridge loan.  I would recommend you contact the current lender and pose this question to them.
626720
I have a few tips that you may be able to use.\n \nIf there is new home construction going on in your area, ask around to see if the builders have any leftovers. Sometimes you can get bits and pieces of sheet rock, linoleum, tiles, etc. The builders usually just toss the leftovers in a dumpster, as they don't have enough of the items to complete another house or it's not what was ordered for the next home they are working on.
83100
With interest rates still at historically low levels, yes, it's a good time to build.\n\nTo stick to a budget, I suggest you develop a file of examples / a wish list of features you'd like in your house, and then contact perhaps two or three builders to discuss your project. Review the ideas you have with them. You should be able to get a feeling of whether you are comfortable with them. Choose someone you can work with. This is a long project. Ideally you will end it with a good relationship.\n\nDevelop a detailed itemization of exactly what will go into the house under your contract. Don't expect to add extras without paying more. The more you have throught the project through ahead of time, the better start you will have for staying on budget.\n\nHughes Home Builders does design-build projects like you are anticipating. Joan Hughes can work with you to develop the house you want within a budget you can afford. She will likely have other ideas, too. They built our home over 20 years ago and will be doing an addition for us in the near future. You can reach her at 508-693-3987.\n\nBest wishes for a successful venture and a great new home.
424060
Almost everything is a scam these days. I wouldn't pay them until they guarantee you in writing you'll get the loan.\n.
86629
Most banks decide what to loan you using the 28/36 Rule. That means your house payment can’t exceed 28 percent of your gross monthly income and your total debt can’t exceed 36 percent
3302
The bank would much prefer you to make your payments compared to taking on a property.  Talk to them.  A lot of times they can work out a deal.
649561
add your monthly debt payments (it's best to get the exact amounts from your credit report) ,including the additional payment you could be incurring, if you are getting a new loan, and divide that amount by the money you earn (on a monthly basis).
335662
Yes, I actually do what it is you're speaking of.  Not small loans, but loans between 10-100k+.  It's quite an interesting process which centers around what you offer for collateral.\n\nFor example, if you have a home worth 100k and have it paid off, or even mostly, it's pretty easy to get a loan, even with very poor credit.  If you have a business, and are struggling to get a loan, if you have assets (equipment, accounts receivable, contracts, real estate, etc), there are people who specialize in loans on business assets.\n\nExpect to pay a high interest rate and sometimes a high origination fee.\n\nFeel free to email me with any questions, good luck!\n\nJared
61024
That is true that when you buy a house they will check on your credit history, and it is true that there are other ways to buid credit, and it is true that you shouldn't pay interest if you don't need to.\nSo, it is your choice, in fact, you could finance your car, if you find another good use on the cash you have for it, like if you are thinking of some business and maybe will need the cash to finance it. Or if the momento of buy your house is close, you can use the cash for the initial pay, so you will need less money for the loan.\nBut if you wont use the cash, and that money would be just in a saving account, you should use it for the car, and get some other credits like in credit cards.\nSo, it depends on your needs, and your projects in general.
153047
If you have no money up front to pay the contractor\nperhaps you can ask the contractor to build the real estate on a vacant lot. Tell him you will pay him when the job is done. Make your contractor your best friend. Even do good deeds for him. Tell him you will pay him in cash plus 20 % markup of all of his cost and profit. While he is building the house, place an ad in your local newspaper saying their new home will be completed in 6 months. Show the buyer the beautiful house plans. Have the buyer pay you by cashiers cheque a down payment of 25%, and the rest on completion. Add 50% to your contractors bill. If contractors final bill is $150,000 sell the house for $225,00. before it is built.\nMake sure you build the house on an empty lot owned by someone else so you dont have a paper trail of ownership so you dont pay taxes. You only want cash coming into your possesion. Do not put you signature on anything. Let the new buyer absorb all the cost so you can turn a trick, I mean a profit.
312653
if u live in california i can do the work for you. does your friend currently have a second on his house? if he does refinance depending on how much equity over the house you have u can join both loans into one and at the same time add in the $5-10 k you owe(u would get a check or cash if ud like at the signing). if he only has one loan on his house he can open up a second for the total equity you have available. im pretty sure they wont do a $5-10k loan but wat will happen is that u open a second for the total equity available to u and u just use what you need that come with really low interest rate
557813
It's called a bridge loan.  Most lenders can help you.  The risk is obvious if your current house doesn't sell in a timely manner at a price close to what you expect