Speaker 1: (00:01)
When you’re looking or considering to bill the last thing or the ultimatum that you do not want to be at or to say is, uh, standing between you and your dream home is a mortgage or a situation. New building or new construction loans may be hard often, but you have incentives to get the funds. You need to build that home to build your dream home. Building loans used to fund construction projects and subdivisions or other projects were previous to the recession or before recession, the developer will periodically pay for money for the mortgage. During the venture. Some one from the bank will go to the building site to ensure that everything and the funding was used correctly. When building completed before, uh, you also will charge payment often 25% during building process, you will only have pay interest on known when the build over you have re finance the loan into conventional loan, FHA loan, VA loan, native American loan, R D loan, many loans. The high risk closing costs paid closing costs, strict lending requirements, large down payment amounts, construction loans, difficult for borrowers, but other options out there don’t help help can lenders offer more mortgage options with different options for construction. And many lenders will automatically loan into a traditional mortgage mortgages. This is option popular option populars because there is only one closing. You only pay interest during construction periods.
Speaker 1: (02:36)
If you own home and are planning to build a new construction or a new dream home, you must have money saved. You may be also able to utilize current equity to pay or to purchase or to finance costs of building and very experienced loan originator can assist you to look for options to take out second mortgage or what we call a HELOC home equity line of credit on your existing home to pay, or to be able to finance construction costs. When the home is done, you are ready to move in. The sell of your previous home pays off balance of said home equity line of credit, new homes broken arrow. This option can be helpful if you are looking to go from big home to a small home or to a small home and new home broken arrow, higher monthly obligations, however easier to pay into principle. There are many options out there, especially in new homes broken arrow for you, for your family, for your friends, for your uncle, sister, cousin, other person, everyone, and family involved
Speaker 2: (04:31)
Speaker 1: (04:38)
There are times, or there may not be times where you need certain situations and certain, uh, places to be able to help you. So when you use a home equity line of credit, you don’t take a lump sum out of your home. You’re setting up a maximum drawable balance. If you leave that balance and you always leave it, or if it’s always left at zero, your payment would be zero. This makes this a very versatile, uh, tool to have cash at your disposal whenever necessary. When you use it, you start getting a monthly or a payment, and it will be calculated based on whatever is left in the balance. Some home equity line of credits allow you to make only interest payments on a home equity line of credit. For example, with a 3,500 balance and interest only payment is 85 per month, lower than regular and more [inaudible] periods for home equity line of credits.
Speaker 1: (06:17)
This is useful if you want to save some monthly cash, or if you want to save just money in general, but your lender, your preferred lender will qualify you using payment on the maximum balance on new homes broken arrow. This worst case qualifying methodology is protecting you from obtaining something. You cannot afford something that is not in your best interest. Therefore, if your home equity line of credit has an interest only option you pay this option. You won’t be paying balance. Make sure you find the best lender, a preferred lender for new home broken arrow that will walk you through options before securing a home equity line of credit.
Speaker 1: (07:21)
A home equity line of credit can also allow you to use until utilize and to have equity in your existing home to buy, to purchase, to own, and to build on the new home, such as this new home or this investment property home buying can take months. So traditional cash out may not work. It may be used before you even invest because you only pay on the home equity line of credit. When you use it, you can use it or leave it as zero. When you shop for homes and only use it whenever you need it, therefore paying interest when you need it. Likewise, another benefit if you were remodeling slowly over time or fixing certain situations on your current home, a new home broken arrow, uh, you may be able to redo your kitchen for 2,500 and where the year before we doing your bathroom for 2,500 like cash out refinance for mortgage traditional home loan, you pay interest 50,000 as of day one with the home equity line of credit, use 2,500.
Speaker 1: (08:51)
What an add another 2,500 payment later. This save 100 per month interest. A lot of interests saved, no money needed. New homes broken arrow, preferred lender, fixed rate advance, AKA fixed rate, draw he home equity line of credit or adjustable rate loans, but they also have a feature that allows you to fix a portion of the drawn amount. So if you are going or we’re going or is to be car or appliance by, you could do by fixing portion of your home equity line of credit draw in our 2,500 kitchen remodel, you could use a free kitchen upgrades, new homes broken arrow, Tulsa, Oklahoma preferred lender, family homes, single family homes, broken arrow, new homes broken arrow. Race are adjustable. Payments are higher, but they are all in your benefit.