Like a lot of people, I never thought I would see a 7.0% rate on a 30-year fixed mortgage again. But here we are. And it appears that 7.0% is the breaking point for most borrowers. Rates have simply moved too fast and too high. The result has been a significant demand in Adjustable Mortgage
The real estate market has taken a big hit in the last few months, both for buyers and sellers. But another group that has been hit is real estate professionals. Following substantial hikes to the funds rate to curb inflation, mortgage rates have risen to their highest levels since 2002. At just over 7%, the
Is your lower level just a storage space for boxes and holiday decorations? If so, you're not alone. Unfinished basements often become a "catch-all" for belongings that don't have a home on the main level. But large unfinished basements can do more than just hold old boxes. Converting your lower level into a functional living
The kitchen has long been a place in every house where family and friends gather. If your kitchen is still living in the 90s or early 2000s, you might find yourself less inclined to cook or want to host holiday get-togethers. An upgraded kitchen can not only give you more pleasant years around the table,
As a portfolio lender, we underwrite and hold onto our own loans in most cases. This allows for flexibility on files that “make sense” but maybe fall outside the standard profile. Scenarios where we have an advantage over non-bank lenders would be: ARMs Many clients are getting very comfortable with an adjustable rate mortgage (ARM)
The loan process for a construction loan is not much different than a regular home loan. There are a few additional items that are needed that relate to the construction project and appraisal, but the process and qualifications are very similar. If you qualify for a non-construction loan, you should qualify for a construction loan
The construction phase begins after you close on your construction loan. It’s at this point your construction loan is in place, and you can start drawing on it to complete your project. You will generally have 12-18 months to complete the project. The most important thing to remember during the construction phase is that the
Whether you’re building a new home from plans or making renovations on an existing structure, the construction loan process can be complex. At Ed Currie, our goal is to make it as easy as possible, so we’ve created this guide of the most frequently asked questions. You can also feel free to call us at
Everyone’s construction loan roadmap will be a little different and take different timeframes. The single biggest item that impacts how long it takes to close on your construction loan is when adequate plans and a budget are available. Because the construction loan appraisal is based on the plans and specs of the project, the appraiser
At Ed Currie, we offer two different construction loan programs — our standard portfolio program and Fannie Mae’s Homestyle Program. While most loans utilize the portfolio program, there are instances where the Homestyle Program can be a better option or the only option. Because we know this can be a complicated process, we’ve prepared
Ed Currie and his team understand the importance of getting you the loan you need to move into your new home, so we’ve expanded our guidelines to make the process even easier, and to help you qualify for the loan you need. Expanded Debt Ratios We’ve expanded our debt ratios up to 50 percent in
Choosing a lot for your custom home is a critical step in your home-building journey. In fact, some say it’s even more important than the home you’ll build on it. Here are some important factors to consider when buying your lot. Location The first rule in real estate (Location, Location, Location) definitely applies when purchasing
