TIP ON CONSTRUCTION LOAN FOR LOG HOMES

We used our local bank to finance our home. During our process we found out that the bank would not send a check to the log home manufacturer until it was delivered. Of course the log home manufacturer would not start shipment until they received the check. This was a problem. Make sure you ask the right questions about your log home construction loan. It will save you time, headaches and money.

YOU NEGOTIATE YOUR LOAN.

When getting ready to visit a lender regarding your loan, consider the terms and conditions of the construction loans available before you choose. After you present your case to a lender, talk through their terms using this checklist. If you are considered a good candidate, the lender will negotiate any or all of the terms.

1.Origination Fee -
2.Loan Rate -
3.Down Payment Required -
4.All-in-one Loan -
5.Interest Rate Locks -
6.Title Insurance and Other Fees -
7.Draw Procedures -
8.Uninstalled Item Draws -
9.Cost for Inspections -
10.Title Update Fees -
11.Category Shifting -
12.Insurance Cost -
13.Time Limit -
14.Cost of Extension -
15.Additional Amounts -
16.Disputes -

GETTING STARTED.

"I don't even know how to get started!"

Making that choice to get started begins with knowing what you can afford to build. Here are other points you should consider that will help you determine what you should build.

(1) Does the area where you would like to build have any restrictions as to the size and type of building permitted. (Work with a REALTOR who can answer this issue)

(2) Is the land conducive to the type of home you would like to build. Such as, do you want a walkout basement? ( Talk to a contractor in your area or give us a call)

(3) Will the Log Home you want to build appraise for the amount you are looking to borrow? (The best way is to seek out the advise of a REALTOR who could provide you a Cost Market Analysis (CMA)

PLEASE SHARE YOUR EXPERIENCE AND INFORMATION