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Replies (8)
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
There are some lenders who do "One Time Closing Construction Loans" (meaning both construction and permanent financing in one deal), off the top of my head I can't think of who, but I will look into a little for you. In addition, there will be numerous other lenders who will chime in and probably be able to answer who it is before I can find it out!
- ELender
- Contributions:1479
Wachovia should do a one time close...maybe you were speaking to someone in a Wachovia branch and not someone in the mortgage department? Most communities have already got a lender they are familiar with that knows their draw schedules's etc. Did the builder recommend Wachovia? What part of central Florida and maybe I can recommend someone...I'm in North Central Florida and Martin is down in Maitland....
- GetSusan2Florida
- Contributions:74
The builder did not recommend Wachovia. I was simply on the internet looking for a good mortgage calculator and called Wachovia to find out just how accurate was the calculator. The person was nice enough to take my info and check my results.
The builder has its own mortgage company and had also recommended United Southern Bank. I am not dissatified with these two. I simply want to be sure that I am "shopping" for the best deal before committing myself to one. Pringle is the developer and the areaa of interest to me are Leesburg and Mount Dora. I know Mt Dora is in Lake County but don't quite remember the county for Leesburg. Thanks much.
- Carl Henker, "Carl Henker"
- Contributions:755
In todays market there are very few lenders doing a one time close construction loan. WaMu, Country Wide, Chase and IndyMAC are all out the Construction Business. I think Wells may still have a one time close and maybe a couple of others. You will be looking at two loans one to build and one for the loan term financing. Look for a local bank to do the construction they will work best with the Builder. The long term financing may be through the same bank as the construction or with any lender you choose. Make sure you construction loan covers all the cost and that a contingency is built in to cover changes and cost over runs. Good I am sure you will here more.
- Richard Rice, "custommtgloans"
- Contributions:2
Susan,
THere are a number of lenders who do a 1 time close construction to permanent loan. The advantage of going with a lender that the builder recommends may have advantages in terms of credit towards closing costs however you may find that an independent mortgage broker may be able to give you a lower fixed rate which would in effect save you money in interest charges over the life of the loan.
- GetSusan2Florida
- Contributions:74
Thanks everyone. I'll check back again for any additional info. FYI: Susan is my 4 month old Portuguese water dog, the wave coat. She is a beauty and a sweetheart. The plan is to complete her obediance training here in Va, but be in Flordia by the time we need to start the next phase of her training to become a therapy dog.
- Wayne.T_ .....Colo.
- Contributions:1003
so when you get Susan to FL, teach her to surf and post up a pix for us.
hope the financing/const. and move go well for you. :)
Construction to mortgage loan
As soon as I sell my current home in Northern Virginia, I plan to move to Central Florida--from one active adult community to another. I found a community and home that I really like. The loan process for the construction is quite different from what I am used to. The lot is purchased, but the construction can be deferred up to 2 years. This means having 2 closings. I plan to purchase the lot and build right away and as I understand it, I would only have 1 closing. From a couple of lenders that I spoke with in Florida, I would have a construction to mortgage loan with 1 closing. During my just "looking around," I had spoken w/someone at Wachovia and was told that the conversion from a construction to a mortgage loan would be a refinance and would require a 2nd closing. This doesn't seem to support some other information that I have run across for this type of loan. Does anyone have any knowledge, experience or references on how this really works. Thanks much. (Please don't be too technical. My 55+ brain takes longer to digest such info! :).
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