New Construction Loans
loan may provide a way to remodel an existing home or to purchase an
existing home that will require some additional repairs before putting a
permanent loan on the property. In many instances, our construction
lenders will allow the borrower to be the General Contractor/Builder. These loans are available to borrowers from city lots to large acreages
and from factory pre-built manufactured homes to million dollar
The first and most obvious reason would be to construct a interest only and is
usually from 6 to 18 months in length. People have several reasons for needing a construction loan.
Taylor Mortgage Group offers construction loans on owner
occupied properties as well as investment properties to build and sell home.
loan is a short-term loan that is at a fixed rate.
Home Builder Loans
The down payment can be as low as 10% of the total cost of the loan needed. In the case of the land loan
, we may be creative as to the equity the lender will require during the construction
period if cash is not readily available. Even though we strongly encourage the borrowers to purchase their land at the close of the construction
loan, sometimes that is not possible. Your equity in your land will be credited toward the down payment required by the construction
loan. It is possible, depending upon your credit package and other compensating factors to do a loan for zero down!
The interest rate on a construction
loan may vary depending, on location, credible worth, the total loan package, and is tied to the prime rate on Wall Street. The rate for construction
lending has been has been as low as 3.875% to 6.5% in the past. These rates will also vary depending on whether we do a one time close or a construction then permanent loan.
Eliminate wasted time in the purchase transaction. A pre-approval
process can be helpful in structuring your final
goal. An accurate credit report is a useful tool in assessing your
lending options. Verifying correct and up to date credit information
helps us provide clients an option for debt consolidation in order to
help them qualify for the price range they are interested in for their
loan. We are there to advise and
assist with any challenges.
A pre-qualification can be handled by telephone
Taylor Mortgage Group will follow up the verbal pre-qualification with a
secure email including a link to our loan application and credit report
authorization form to be completed, signed, and returned securely.
Upon receipt of your application and credit report authorization, Taylor
Mortgage Group will provide an official pre-approval
letter as well as a list of items that you will need to provide to
Taylor Mortgage Group to submit to the investor. Taylor Mortgage Group
is diligent in meeting our deadlines and commitments.
Please call us today
or use our online pre-qualification form
to get pre-qualified for your home.