When it comes to building a physical structure, the foundation isn't the only critical element. There's another foundation that's equally crucial, albeit less tangible: the financial groundwork. Construction projects often rely on a specific type of financial support known as a construction loan. Within the realm of these loans lies a web of terminology and
It can take years of thoughtful budgeting to be in a position where you’re ready to commit to building a custom home or undertaking a serious home renovation project. You’ve worked hard to be in this position, and you need a team that understands your goals – and can execute them. Believe me, I know.
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
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
When building your dream home, there are many factors to consider when choosing your home builder. Who you entrust to build your home can make or break the designing and building process as well as the final product, which is why finding the right home builder for you is important. Here are the key points
The vibrant warmth of summer days make it a great time to refresh your living space. The sunshine means more pleasant weather days for construction, and summer vacation can make it easier for the kids to deal with disruptions in their daily routine. Here are some great ways to assess any winter damage and restore
New housing construction starts reached a record high in December 2019 going up 16.9%. This represents a seasonally-adjusted annual rate of 1.608 million homes last December, which beat the record set in December 2006, 13 years ago, according to CNBC.
The construction program is generally paid out based on work completed. However, deposits can be obtained for custom items where its’ typical for the provider to require a deposit. Items such as cabinets, windows, and counter tops can generally get a deposit with the final balance provided when they are on site and installed. For
Being prepared to apply for a mortgage can be very helpful in making the process smoother. Mortgage companies are required to “fully document” a file. Below are a few items that can ensure your loan application is not derailed, and will also limit the amount of documentation needed. Income Don’t Change Jobs: Changing jobs just
If this is your first time doing a major rehab project or building a home, there will be some challenges and frustration along the way. Fortunately, when it’s all done and your vision realized, it will be well worth the time and effort. Some of the keys for a successful project are: Be Patient I’m
When you should start the loan application process will depend on your scenario and a few factors. If you are purchasing a property (or lot) at the same time you closing on the construction loan, you should apply as soon as you have an agreement with the seller to buy the property. If you already
