i want to compare whether it is cheaper to go for mortgage loan in buying or building a house or whether other methods such as building, buying and renting from own savings is cheaper.
2 Comment(s)
It would be better to get a low interest rate loan that does not fluctuate in interest. This will help you to stay out of foreclosure Good luck
Well, the cheapest thing is to pay cash. No interest will be paid on that. )
Next is a mortgage for an existing home. There’s lots of different options with regards to loan programs, rates, costs, etc. You would need to speak with a respected and experienced lender to find out what you qualify for.
After that is building a home. What happens is you would likely get a construction loan – they’re a little bit hard to find and the rates/costs are a bit higher than conventional loans. However, a construction loan is only for a portion of time. After the home is completed, you would refinance to a conventional mortgage.
So, that’s how it goes with regards to financing. I think that is what you’re asking and I hope it helps. If not, feel free to contact me directly – I’d be more than happy to chat.
It would be better to get a low interest rate loan that does not fluctuate in interest. This will help you to stay out of foreclosure
Good luck
? Answer girl | May 29, 2009 | Reply
Well, the cheapest thing is to pay cash. No interest will be paid on that.
)
Next is a mortgage for an existing home. There’s lots of different options with regards to loan programs, rates, costs, etc. You would need to speak with a respected and experienced lender to find out what you qualify for.
After that is building a home. What happens is you would likely get a construction loan – they’re a little bit hard to find and the rates/costs are a bit higher than conventional loans. However, a construction loan is only for a portion of time. After the home is completed, you would refinance to a conventional mortgage.
So, that’s how it goes with regards to financing. I think that is what you’re asking and I hope it helps. If not, feel free to contact me directly – I’d be more than happy to chat.
Quicken Loans | May 29, 2009 | Reply