I want to build a log cabin and I was wondering what bank was the best to get a mortgage from?
2007-01-20 12:50:18 · 8 answers · asked by tasha2767 1 in Business & Finance ➔ Personal Finance
look at local lenders, it is so much better to work with someone in person, check everyone out at bbb.org first. good luck!
2007-01-20 12:53:36 · answer #1 · answered by Bored Enough To Be Here 6 · 0⤊ 0⤋
Not HSBC... or any bank probably. If you are building, you need a construction mtg.
Use a broker to get a deal (hopefully) or try lending tree.com.
Dont pay for closing costs ($5-8000). Get the lowest rate possible. Try to pay 20% to avoid PMI.
If you are building a log cabin, find somebody that specializes in that in that area (like a builder maybe). Let us know what Bank does it, will you???
2007-01-20 12:54:34 · answer #2 · answered by magnet4trouble 4 · 0⤊ 0⤋
You might would want to find out if any of the local mortgage lender's specialize in funding cabins. In some instances you might be able to declare a cabin as a 2nd home. In apply for a mortgage loan, you normally would be required to have a sketch of the proposed construction, that would show the various measurements, material needed and the mortgage lender might require you to hire a licensed construction company to build this l og cabin.
You indicated you would want to build this log cabin. I hope you did not in the literal sense of the word.
You would need to contact the local city or county to see if there are permits required and would you, as an unlicensed construction person be allowed to build this log cabin.
There are some log cabin kits you might purchase that come with the instructions. You would still need to contact the housing permit office of the city or county to see if you are allowed to do the construction of this log cabin or would you need to hire a licensed construction company.
It might be that you would only need to have a licensed plumber or electrician to apply and get those permits. The rest of the construction you might be able to complete yourself.
Contact a local mortgage lender, inform them of your plans and see if they would have a mortgage loan program that you would be able to use in the construction of this log cabin.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
2016-11-06 08:12:51 · answer #3 · answered by loanmasterone 7 · 0⤊ 0⤋
Cool. Log cabins and dome homes are the best. Try this site for help, and the banner at the top is probably the best there is.
http://loan.divinfo.com/
Good luck!
2007-01-20 18:27:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you belong to a credit union, or can join one, that may be your best bet. Rates tend to be a little lower (because members own it) and they are sometimes more economical on closing costs, refinancing options, etc.
Go to the following website to find a credit union in your area. You have to fit into some category eligible for membership (e.g., live in a certain community, have a certain occupation, have ties to a particular school), but it's likely that there's one you can join.
http://www.ncua.gov/ConsumerInformation/index.htm
2007-01-20 12:57:40 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Shop online for a mortgage just as you would anything else...You will get many loan companies fighting for your business and get the best rate possible.
2007-01-20 12:52:48 · answer #6 · answered by matty441 3 · 0⤊ 0⤋
Honest Abe Savings and Loan.
2007-01-20 12:52:49 · answer #7 · answered by XL HaHa 2 · 0⤊ 1⤋
You'd want to shop around and compare not only rates, but servicing options, just like you'd shop around for any other big purchase ( I hope).
2007-01-20 13:08:31 · answer #8 · answered by Anonymous · 0⤊ 0⤋