How to Get a Construction Loan? » Mortgage Masters Group

Conversion to mortgage loan. LGFCU Construction Loans are established with a six-month or nine-month construction phase. Once the construction is finished, your loan converts to either a Fixed-Rate Mortgage or a Five-Year Adjustable Rate Mortgage. Payments begin according to the terms and interest rate set previously at closing.

The basics of construction loans. Construction loans are typically short term with a maximum of one year and have variable rates that move up and down with the prime rate. The rates on this type of loan are higher than rates on permanent mortgage loans. To gain approval, the lender will need to see a construction timetable,

Master. And you get rid of the ongoing required monthly mortgage payment. "That puts somebody in a much better cash flow scenario than they were in before," Hopkins said. A potential downside with.

Today’s Mortgage Closing Costs, Listed For All 50 States  · What is Included in RESPA and TILA Mortgage Disclosures? By Arvin Sahakian · Apr 29, 2015 · Mortgage 10,725 . Image courtesy of Flickr, U.S. Army Corps of Engineers RESPA and TILA disclosures display the rate, terms, fees and costs associated with a mortgage loan.

I am 27 years old, recently married, employed full time for a New York State school district as a teacher, rent an apartment, and have about $25,000 in government student loans from my undergraduate.

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About Construction Loans. A construction loan is used to finance the construction process of a new home. Unlike standard mortgages, lenders approve construction loans based on the information you give them about the home you plan to build, as opposed to the value of an existing home. Two primary types of construction loans exist: construction-only.

You then multiply this total by 80 per cent. If you’re uncertain of your home value, contact Tracy at Mortgage Masters, who can assist you to arrange for an appraisal or valuation. For MFAA calculators, click here. If you choose a line of credit home loan, it essentially works as a large credit card.

Mortgage Masters of Indiana | Evansville, Bloomington, Indianapolis is committed to helping you find the right mortgage product for your needs. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements.