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Construction loans work a little differently than most of our other home loan solutions.. The way we do business.. Our Mortgage Bankers have the knowledge and expertise to help you on your journey to homeownership, check out their tips!
The Construction Mortgage Process. The mortgage process for the construction of a new home is more complicated and often more expensive than that of a conventional mortgage on an existing home. Not only does building the home take time and effort, but most lenders require more assurances before they’ll start lending you money.
How Much To Own A Condo #1 Condo Association Fees. The first consideration is the association fee required by a condo or homeowner’s association. In many areas of the country, these fees can be moderate, such as a few hundred dollars each month. If you are purchasing a condo in a highly desirable area, though, the condo association fees can be prohibitive.
The finished home’s worth equaling less than the amount that the construction costs, which can happen in a volatile housing market or if the builder does sub-par work The home not being ready on budget or on time, which could leave you on the hook for paying two mortgages or a mortgage and extra payments for rental accommodations