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The Top Benefits Of A Single Close Construction Loan

March 10, 2023 by Clean N Dry Today

The Top Benefits Of A Single Close Construction LoanIf you are thinking about building your own home, you might be wondering how construction loans work. There are plenty of options available, but one of the most popular choices is a single-close construction loan. This type of loan allows you to close on not only the construction expenses but also your financing costs at the same time. Essentially, a single-close construction loan will convert into your mortgage after the construction on your home is finished. What are some of the top benefits of this type of loan?

Save Time

One of the first benefits of a single-close construction loan is that you can save a significant amount of time. If you need to get a separate loan for the construction and financing processes, you will have to submit all of your required documents twice. Then, you will need to wait for the lender to review them both times. You can avoid this process if you combine the loans together in a single-close construction loan.

Save Money

Of course, you could also save a significant amount of money by going with a single-close construction loan. Keep in mind that each loan is going to have some origination and closing expenses. If you have to go through the process twice, you will have to pay these expenses twice. With a single-close construction loan, you only have to pay potential origination and closing expenses once, which can help you save money.

Fix Your Interest Rate

What happens if the average interest rate goes up during the construction of your house? This means that your mortgage may have a higher interest rate, and it could make your house unaffordable. You can avoid this risk by getting a single-close construction loan with a fixed interest rate. Then, if the interest rate drops down the road, you may be able to refinance. 

Consider A Single Close Construction Loan

In the end, these are just a few of the top benefits of a single-close construction loan. While these loans are not necessarily for everyone, they could be right for you. Do not hesitate to reach out to an expert who can help you figure out if a single-close construction loan is right for your needs.

Filed Under: Real Estate Tagged With: Construction Loan, Interest Rates, Real Estate

Navigating A Market With Higher Interest Rate

March 9, 2023 by Clean N Dry Today

Navigating A Market With Higher Interest RateEven though interest rates have gone up significantly during the past few months, there are still opportunities for you to find a home at a great price. The high interest rate can be discouraging for some people, but as long as you know how to navigate the market, you can still put yourself in a position to be successful.

Put More Money Down

The easiest way to combat a high interest rate is to reduce the amount of money you borrow. That means that you might need to put more money down. Of course, this means that you might need longer to save up a down payment, but there are other benefits you might notice as well. For example, if you are willing to put 20 percent down or more, you no longer have to purchase private mortgage insurance, which can help you save some additional money.

Increase Your Credit Score

You may be able to secure a lower interest rate if your credit score is higher. Remember that the lender will give you a lower interest rate if you are of less risk to them. If you increase your credit score, you improve your financial health, which means that the lender may offer you a lower interest rate. You can increase your credit score by correcting mistakes on your credit report, paying down your existing debt, and reducing your credit utilization ratio.

Consider an Adjustable-Rate Mortgage

You may even want to consider going with an adjustable-rate mortgage, usually shortened to ARM. This means that the interest rate on your loan will change with the market. If you feel like the interest rates are going to go down, this may be a way to save money; however, keep in mind that you may end up owing more money if the interest rates go up.

Refinance Your Home Loan Down The Road

If you are not willing to take the risk with an ARM, keep in mind that you can refinance your home loan later if interest rates go down. You might need to pay closing expenses again, but it could save you tens of thousands of dollars over the life of the loan if you decide to refinance. 

 

Filed Under: Real Estate Tagged With: Interest Rates, New Home, Real Estate

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