What do you estimate the cost of the improvements? Assuming it's >$100K we have a one time close that incorporates the existing mortgage and construction into one loan.

jja79 said:

---

What do you estimate the cost of the improvements? Assuming it's >$100K we have a one time close that incorporates the existing mortgage and construction into one loan.

---

Yes, I expect the costs to run >$100k. We have worked together before, can you send me a PM?

I am looking to build a house and looking at construction loans....I am not sure I understand the process fully but sounds like its interest only and then will be rolled into a mortgage? Could have one or two closes? and always caries a 1% origination fee?

So far best I have been given is 1% and 5.5% plus other fees.

I plan on building a $450-500K home (including pool/shop) but I do have approx 200-250K of equity in my current home that I will have to apply to my mortgage....Probably will not put it up for sale until we get closer to the new house being ready.

Feel free to pm me if you can offer better rates or have suggestion. Thx

I'd like to talk to you. Email in profile. Not sure who you're talking to but that's not reasonable. 3's with 0 origination.

You can't get PMs I don't think.

Ok sent you an email. Thx