How does having our lot already paid for play into the equation for a home mortgage loan for building a house?
547241
-owning the lot, paid for is like having 30,000 in a savings account--it is an asset you own..if you need 200 K for a mortgage, then you must be able to qualify for a mtg of that amt.--owning the land does not reduce the amt needed to build the house-- remember, the most important thing is to be able to qualify for a mtg of $ 200 K by having good credit, other assets, like savings or stocks or bonds and are you building the home yourself-will it be worth 100K more than your cost to build it?? that will be help-full-- since it will give you 100 K equity in the home and make a 200 K mtg easier to obtain if you have 100K equity in the home- talk to a mtg broker or a savings & loan in your area to get some answers !! good luck to you..
160339
It means that you will be taking a new loan to replace your old loan.  This is good IF:\n- The interest rate of your old loan is higher than the existing rate.  This will make your new payment go down\n- You have built enough equity (read: paid for a long time), that way you can borrow based on your current home value and use the extra money for paying debt, remodeling, college, etc\n\nKeep in mind, you will have to pay all those closing costs, and origination fees to the lender again.
1019427
There are possible loan origination fees and or mortgage broker fees (these are usually built into the loan).  Closing cost fees to either the closing agency or the attorney you use for title search.  Unless you are going 100% financing you will need to bring a down payment on the house.  And all taxes will be prorated, if the previous owner has paid up all the taxes on the property for the year, you will pay the owner the portion of the tax year that you will take over.  There may be more depening on the agency you use.
643649
I'd be careful with how much the seller is willing to pay.  Lenders have a limit to how much the seller can contribute towards your closing costs, usually either 3% or 6% of your purchase price depending on the type of loan you get.
1018559
Depends on credit score, many lenders will do it, they will just make you pay the behind amount from the refi amount/cash out amount.
570206
Take the $400,000 for the land out of your equasion... Your going to need to have purchased this before the builder really is involved.\n\nFor the rest... Your going to pay permit fee's to the city/town for your building permits, design review etc... Your going to need to have paid your architech and structural engineer for the plans they are going to draw for you which you will be turning over to the city for approval as well...\n\nOnce you get to the builder the deposits may have to go through your lender if your doing a construction or construction to permanate loan for the property purchase and building. \n\nWhen doing a construction loan usually there are draws spelled out in the loan. Draw one maybe for the land purchase, architech/engineer and permits. Draw 2 would be for the builders deposits based on the materials needs for the first phase of construction and so on...\n\nIf your financing this yourself then check with your states contractors licensing entinity... There are specific percentages a contractor can take as deposits based on the work to be performed and this will vary greatly by state. I would check with the state anyway just to verify the builder is licensed, does he/she have any complaints on their license? How were those complaints resolved? Check on their insurance as well. If they are on your property and the insurance is not in place or is not up to snuff you may have to pay a claim out of pocket or against your own insurance.\n\nGood Luck
122300
It depends...\n\nMany lenders do NOT give mortgages on mobile homes if the land is not part of it (if you are paying ground rent especially).  In these cases you get a personal property loans for a mobile home.
940371
You should be able to technically do this as long as the new home equity loan + the 1st mortgage are not more than 85% of the home's total value.  This is generally the cap.\n\nSo if you have a home that's worth $200,000: 85% of that is 170,000.  As long as the new home equity loan and the mortgage balance added together are less than that amount, you should be OK.
1114813
In a construction loan, you can use the portion of equity you have in the land towards the total "finished" value. Basically, your down payment is within the land that is already payed off. I specialize in commercial/construction loans if you'd like to see about getting an approval, let me know.\n\nSome basic questions:\n\n-Do you have plans already\n-What is the zoning of the land\n-what are the total construction costs\n-Do you have permits\n-Where is the property located\n-what do you estimate the value (completed) to be\n-Are you and your significant other employed/retired & what income/how long on your jobs\n-is the property in a rural or urban area\n-what is your credit situation\n\nThese questions should be enough to get some accurate figures for you.
990834
It's called a bridge loan.  Most lenders can help you.  The risk is obvious if your current house doesn't sell in a timely manner at a price close to what you expect
101349
Well, in some ways yes, in some ways no.  The loan origination fee is what you pay the mortgage broker upfront, the points are what the bank pays the mortgage broker for the loan, or "on the back".
426541
Response from "Don't Know" is pretty close.  The answer should be IF your house payment includes taxes and insurance you have what is commonly know as an escrow acct.  As she said you receive funds left over when you pay-off a loan.  However, sometimes you get an overage check when you escrow account has been audited.  By law your mortgage company is only permitted to have a certain percentage of excess funds in the account.  If they mis-calculate the amount they have collected you may see an overage check while your loan is still open.
902823
It's probably a lot of stupid stuff they will make you explain, like a late payment, a gap in employment, that sort of thing.  First-time homebuyers have to jump through hoops for financing.  The best thing is, if you execute it perfectly for the next several years, the very next mortgage you apply for will happen almost effortlessly.
300662
it's not a bad deal for people who might have trouble qualifying for a conventional loan.  It's usually an owner who owns the house outright and wants to have that interest on the sale (like what the bank would normally get).  That owner will have a lien on the house the way a bank that did your mortgage would.
118828
Well you should ask first of all for a good faith estimate from each lender, to see which one of the is giving you a better deal. You also need to know if they're giving you a pre-payment penalty, If so for how long. (average pre-pay is about 2 years, unless you have really bad credit) If you have Excellent credit you shouldn't get a pre-payment penalty. thae situation varies depending on your Fico Score. Also Find out how many points they're charging you up Front and if they're getting anything back form the lender after close of escrow. All this matters because. Also if you're financing 2 new loans make sure that they're Fixed, so that your monthly payment doesn't change every month. Also HELOC's loan interest rates change every month, and the rate is going up, which means that your payment will also go up.  So be very careful about this.
756947
you need to have the land\nfinanciers will take a mortgage on the land - this includes anything "attached" now or in the future to the land\nwhen they pay out the loan - it is done in stages according to how far the building has been completed.\nfirst step - assuming you own the land (with or without borrowing)\ntalk to a financier and to a builder to see if you can borrow enough to build what you want
1168622
It sounds like you're alluding to an equity sharing mortgage.  I've seen municipal agencies offer loans like these, they didn't appear on title (just as beneficiary of a trust deed).  Also, generally they need to wait for you to sell or refinance the property to get their cut of equity.  Wouldn't it suck if the lender all the sudden said, "OK, give me my equity!" and you had to come up with a couple hundred thousand dollars!