Many borrowers have purchased lots for what they thought was a great price, only to find out that the home they wanted will require significantly more cash than they have available. I will work with you and the appraiser to make sure the project makes sense for the property and neighborhood. I can start with a small construction loan at the beginning and just finish the project out of savings as I go. I should borrow as little money as I can get away with. There are many factors to consider when determining the right loan amount.
Many people consider their home loan separately from the rest of their finances.
A home may be your largest asset, your largest liability and your best resource for tax reduction. Your mortgage payment will insure or disrupt your ability to sleep at night. The size and type of permanent loan should be determined within the context of your entire financial picture. While the permanent loan size is a factor in financing your home, it is less important than the financial structure of the project itself. Between your savings and the loan, you must have enough money to cover the entire cost of the project plus any overages.