New Home mortgage/loan for Construction -- short term.?
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These same banks had similar programs for new construction, and I'm sure they could handle it if the land was not being acquired in their part of the transaction.
Good luck.
New Home mortgage/loan for Construction -- short term.?http://www.nohasslebargains.com/loan/id1...
New Home mortgage/loan for Construction -- short term.?There may be something of use here.
New Home mortgage/loan for Construction -- short term.?It seems like money, or a monthly payment is not an issue to you at this point... What you are looking for is to pay the least amount of interest on a loan before you can pay it off in full..
Here's my suggestion..
A home equity line of credit will be at a HIGH rate, and is terrible for your credit... It shows on your crdit as a REVOLVING debt..In other words it shows as a large credit card secured against your house..
I would suggest you take out a traditional mortgae, but you get a 2/28, or 3/27 ARM product... This will give you a much lower rate then a fixed rate loan, which you dont need being that you wont have the loan for long...
As for interest only, if a LOWER payment is a necessity for this loan, then it may be a good option, but if the extra $100 per month isn't a big deal, i wouldnt suggest the interest only...
The reason i say that is lenders charge you a highert rate of interst for the interest only op\tion.. It may be as little as a quarter point on interst, but it can add up to alot of money...
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