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A place for Get Rich Slowly readers to ask questions
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It is currently Mon Sep 01, 2014 9:40 pm




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 Post subject: House loan
PostPosted: Tue Mar 19, 2013 5:56 am 

Joined: Tue Feb 26, 2013 11:09 pm
Posts: 6
I want to make my own house. That's why I need a loan. Please suggest me that it is beneficial for me or any draw back behind them.


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 Post subject: Re: House loan
PostPosted: Tue Mar 19, 2013 7:43 am 

Joined: Sat Jun 06, 2009 11:49 pm
Posts: 262
Location: Cincinnati, OH
Depending on the market, the cost of building your house (whether through your own financing or builder financing) is significantly higher than the cost of an existing home.

In my market, I'm seeing people paying in excess of of $105/square foot to build, where existing homes (similar build quality) are going for $75/square foot.

Also, there are not as many options for construction loans, and generally you would have an interest only period during construction, and at the end of the construction it can be converted to a fixed rate. So there is bound to be fluctuation in the market. What will fixed rates be 6 months from now?

Just a few reasons why I would not consider building, at least not in my market.

_________________
T.C. Strait
Ohio Loan Officer / Manager @ Mortgage Broker
NMLS ID 164070
Ohio Mortgage Solutions
Ohio FHA Mortgage


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 Post subject: Re: House loan
PostPosted: Thu Mar 21, 2013 3:35 am 

Joined: Sat Dec 10, 2011 7:25 am
Posts: 695
Plus there are just too many great deals out there.


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