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Due Diligence - Buying A Lot with Access to Utilities vs Buying A Lot with no Utilities

January 22, 2021

While utility and infrastructure matters might be easier to confirm if you are buying a finished lot for sale in a recently developed or established community there is more to keep in mind. Your construction agreement with your builder can cover many of the things you need. On the other hand, you should know about how things may impact your plans and costs. It is even more important if you are buying a vacant lot for your home without a specific builder in mind.

Determine Which Loan is Best for You When Constructing Your New Home

in Financing

January 19, 2021

There are two types of loans that you can consider when purchasing land and constructing a new home. Those two loans are the lot and land loan and home construction loan, and each one is unique with what it offers. Of course, your available options will be determined by your personal circumstances, how prepared you are, what you are purchasing, and when you will be completing the construction process.

Construction Lenders Rely on What is Known as a “Subject To” Value Appraisal

in Financing

January 13, 2021

Appraisals are necessary for any type of loan, because after all, lenders need to know that they can get their money back if someone defaults on their payments! Without an appraisal, a lender would not know if the item was worth the amount that a person wanted to take out a loan for, and while that could be bad for the lender, it can also be bad for the borrower when they go to sell in the future.

Budgeting for Building Permits

in tips

January 11, 2021

As you know, having a budget in place is very important for constructing a home, remodeling a home, and even purchasing a home. Therefore, you must have an amount of money in mind before you start to tackle any of these things. However, did you know that in addition to materials and labor, you must also figure in the cost of building permits? What You Need to Know About Building Permits If you are not aware of building permits, they are documents that give you permission to do any type of work on your property.

Are Balloon Lot Loans Your Best Option

January 8, 2021

The low monthly payments that are available with balloon lot loans are quite tempting, but you might want to reconsider your options before signing on that dotted line. If you are not completely aware of what a balloon lot loan is, it is a mortgage that doesn’t get fully paid off over time. Instead, you would make payments on that loan for usually five to seven years and then the rest of the balance is due in full at the end of that time.

3 Things You Must Know if You are Considering a Land Loan

January 5, 2021

A land loan is basically just as it sounds. A loan that you take out for land that you want to purchase. There is never a building on the land for these loans, so you would also need to secure financing for any construction that you want to do. While it all sound fairly basic, there are a few things that you must know before you sign on the bottom line.

Due Diligence - Buying A Lot with Access to Utilities vs Buying A Lot with no Utilities

Determine Which Loan is Best for You When Constructing Your New Home

Construction Lenders Rely on What is Known as a “Subject To” Value Appraisal

Budgeting for Building Permits

Are Balloon Lot Loans Your Best Option

3 Things You Must Know if You are Considering a Land Loan

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