2007-09-28 15:50:05 · 2 answers · asked by Don T 1 in Business & Finance ➔ Credit
When it comes to looking around for construction loans, remember the commercial lender will levy a steep administration fee as their charges for the step-by-step supervising of your construction procedure. At times, this fee can be 3, 4 or 5 points (percentage points of your home's worth). As there is a lot of work involved in dealing with builders and subcontractors, many a times, the administration fees are worth it as you are free to use your time for more constructive activities. Also to motivate you to retain your entire business with them, most banks will actually refund major part of the administration fee when it is time to opt for a mortgage. You can get a regular mortgage with zero points or you can get rebate points that you can apply to the principal.
http://debt-loan-mortgage.com/category/Home-Construction-Loans.html
2007-09-29 01:42:35 · answer #1 · answered by jemmy t 2 · 0⤊ 0⤋
Not at all.
2007-09-28 17:35:58 · answer #2 · answered by kim h 7 · 0⤊ 0⤋