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What You Need to Know About How Construction Loans Really Work
The loan process you follow when searching for a construction loan has some similarities to that of obtaining a regular mortgage. You will still be judged on your income, credit, savings and monthly debts just like a regular mortgage.
However, with a construction to permanent loan, there are a few additional factors that lenders consider. [...]
Building a Home? You’ll Need to Know Your Insurance Requirements
When you are building a new home, you will need insurance to protect yourself while the home is under construction. If you are hiring a licensed general contractor, he will most likely have some insurance in place to cover the bulk of the requirements. However, if you are going to be an owner builder and [...]
Nine Key Credit Factors that Could be Damaging Your Credit Score Right Now
Do you know the main credit factors that affect your FICO credit score? If you don’t know these nine key factors, you could be unintentionally damaging your credit score and chances at better financing terms.
Before discussing the Credit Scoring Factors, please keep one thing in mind: do not make any major changes to your credit [...]
Today’s Credit Scoring Basics and the Effects on Construction Financing
At one time, not too long ago, there was no such thing as a numeric credit score. Your credit report either showed that you paid on time or you didn’t, and that was that. You were approved if you had a good rating and were denied if you had a bad rating.
Times have changed. [...]
The Construction Loan Timeline and the Number One Mistake Most People Make
The number one mistake, hands down, that most people make when building their home is not allowing enough time to get through the process, especially for those people who are acting as an owner-builder and building without a general contractor.
Building a new home, and obtaining a loan to do so, is not as simple [...]