|Mortgage & Refinancing Information|
Build Your Own Dream House!
So you're thinking about building your own house, are you? Well, you've come to the right place! It's a lot of fun (hard work and eventually fun!) to build your own home and it will save you thousands of dollars(we saved over a Hundred Grand by doing it ourselves - that's pretty significant cash!). If you happen to live in a Large City, like Los Angeles, or anywhere that Real Estate Values are 'close-to-insane', you could potentially save millions of dollars. Interested, you say?? Read on, My Friend, Read on...!
Here's a little list of things you'll need to know:
How to Get Money: You'll need lots of money! Don't stop reading! There are ways of getting financial support in order to build a house . It certainly helps if you have a swack of cash in the bank. I'd say at least $20,000. - $100,000. to have as a back up - there are a surprising number of things that seem to come out of nowhere that require a quick injection of cash. The amount you will need to 'get in the ground' is, of course, dependent on the style and size of your home.
Also, if you already own a home, you'll be familiar with the territory and may have a fair bit of equity, which you can use to leverage other cash. Contact your Bank to get an Appraisal of your current home and see how much you can qualify for a Line of Credit.
We'll look at Mortgages, Builder's Loans, Personal Loans and Line of Credit options. Often, it'll be a big 'ol combination of all of the money you can get your hands on in order to pull this off! Remember, this is not the same as buying a house already built, hiring a builder to build it, or buying a 'previously enjoyed' house. You'll be completely responsible for every aspect of the building process.
To get the money to Build Your House, the Banks send out Appraisers to determine how much of your house has been completed before they will release the Draw Money -- remember the Appraiser Scene in The Sopranos?? Well, that's one of our favorite scenes -- Dwight laughed so hard he nearly fell out of his seat! If you're not a Sopranos fan, the Appraiser gets into 'some trouble' with the Mob, if you know what I mean! ha,ha,ha!
I'm sure there are some good Appraisers out there, who actually know that when the Roof is done, the Subfloor is already in place... d'uh! But even if you have the weeniest appraiser known to mankind, you still have to be really nice and just be prepared with your own cash to continue on with the job. We had to carry the whole project right past the Lock-Up Stage, when the banks usually release the First Draw after the Subfloor is done.
Thank Goodness we had sold our other house first, so that Equity Cash was in the Bank, because that would have been a terrible situation otherwise. So now I would advise having at least $100,000. on hand before you start your own build, just in case. The amount is variant on the size of your house, of course, and we always build big, so do the math and come up with how much you will actually need to get yourself all the way to Lock up, and have that money available before you start.
How Long Will It Take To Build A House? Typically, it can take from 4-5 months if a Big Builder is Building a relatively Small Home, and up to 2 years (I know - that seems craaazy, but it can be true, so be prepared if you're building a mansion! ha,ha!) for a very large Custom Home.
In general, if you're Building Your Own House, add a couple of extra months from any estimate for ease in your life, otherwise, your expected time-frame will be too tight and it won't be pretty!
A Larger Home, especially a Custom Home, will usually take between 6 to 12 months. Sometimes you will run into permitting delays, you can't get any Trades (if you live in an area with extreme growth or NO growth...!). Our house took Seven full months for the actual Build, but then you need to add another 6 weeks for the Permits to come through at the beginning. Also, we bought the Land a good 2 years before we actually started to build on it (when you build it yourself, you usually have to pay for the Land in Full before you can start the Dig...). I took a fair chunk of time to design the right house for this Lot, then had it professionally drawn.
We were in no hurry, because we wanted to be sure our other house was Sold before we 'Broke Ground', so we would never have to worry about carrying two mortgages (yikes!). Our House Sale went through in February and we broke ground on March 4th. Good timing, no?? We went ahead and got the Permits ready when the other house was Conditionally Sold.
Keep in mind that if you're hiring a Builder (Buying a Home through a Big Builder), and it's one of their 'stock houses' (meaning that the've built many, many houses in the same identical style...), that the Building Time will be much shorter than if you built on your own. Once you've built a house, it's much easier to build the same thing (or even a slight variation of that same home) again, because now you know the 'trouble spots', and changes that could be made to simplify the project.
When we are ready to Build again, I think we'll sell this house first, buy a smaller place that's 'an easy re-sale' in Town, buy a new Lot, then start another Build. It's important to look at every side before you even begin to get started, so you don't create chaos in your life. The further ahead you can plan, the better off you'll be.
In case you're wondering, 'an easy re-sale' is a house that is gorgeous but not too big and not too expensive. Big and Expensive happens to be my favorite kind of house, but not for a quick sale... and it needs to be in a really good location, preferably close to Schools and Shopping so it will appeal to young families. Also, I always choose a house with 3 Bedrooms on the same floor (Main Floor of a Bungalow or 2nd Storey of a 2 Storey home), because that's the easiest house to sell to a young mother. And by 'young', I mean any mother with kids at home that she still needs to wake up in the morning! ha,ha!
And, if you're really intuitive,this is already a plan I want to put into action, so I just have to convince Dwight that it's time to put this house on the market, since it can easily take a year to sell a really big house...sometimes they just fly off the market, but I want to be prepared! Let me know if you're interested in our gorgeous home! We'll miss it terribly, but I can always build another, right??
Hire a Builder: If the thought of having a few hundred Grand just sitting in a bank somewhere makes you feel faint, you should definitely consider Hiring a Builder. Quite often they will carry you through to the end of the Build with $20,000. down. Some really big builders will let you get in with waaaay less -- sometimes as little as $500. down. Good to really check around to see what you can get that's in your price range.
Always keep in mind that the more Custom your house is, the more you will have to pay up-front and again at the end. Makes sense, but sometimes that's forgotten.
Hire a Project Manager: I don't know how you would Build a house on your own if you were both working in a Nine-to-Five job -- I'm thinking it would be next to impossible. I don't know how many times Dwight had to leave what he was working on to come out to the house to deal with one problem or another. And if he wasn't available, or it was one of my areas, I would come out. Since Dwight is a General Contractor (as well as a Heating & Air Conditioning Specialist), he was able to correct any problems to prevent delays rather than having to bring in all sorts of other people.
Hiring a Project Manager for your Build is less expensive in the long run (as opposed to a regular Builder), but you will have to have your money in order first, as you would if you were building all by yourself. You can always start out on your own, and bring in someone when and if you need them, too. Find a General Contractor before you get started who would agree to those terms so you don't find yourself stuck at a crucial stage (and, yes, they're all crucial stages!).
How to Find Land This is key, since it can often be difficult to find land in the city that does not belong exclusively to a Developer or Builder, which means that if you buy their land, you have to hire their Builders to build your house. What you want to look out for is a B.Y.O.B. Lot (this does not mean 'Bring Your Own Booze' to the work site!). This means Bring Your Own Builder. That's you! It also means that you could contract the building out to an Independent Builder, who might build for significantly less than a big name builder.
Check the Internet, your local real estate papers, bargain papers (there's usually one in every city -- the one in Calgary is the Bargain Finder ), newspapers, etc., to see if you can find a B.Y.O.B. (Bring Your Own Builder) Lot or a good Builder. It's always a good idea to check out local Builders, first, in case they can build what you want for basically the same a what it would cost you to build on your own. If the difference is less than $50,000, it's probably better to buy through a Builder, whether Independent or a 'Big Name' company. You may be able to do part of the work, provided your skill level is adequate, which will knock the price back even further. Everything is food for thought when you're looking at an investment in your time and money of this magnitude. You're less likely to 'get in too deep' cash-wise, too.
You can always hire someone else this time around, then really watch to see how it works and try it yourself on the next house! You'll make a pile of money, either way, especially if you buy in an area with some positive growth potential! Remember, Real Estate rarely goes down in value, so it's a good investment. You'll have a nice place to live and when you sell it down the road, you'll make a bigger profit than most people make in the Stock Market. Plus, if the tax laws permit it, you won't have to pay taxes on the money you make from the spread (how much you paid for your house and how much it sells for). There's generally a time frame involved in this, so check with your accountant to get the low down for your area.
How to Design Your Home: The land you buy will determine what you can build, for the most part. If you're in the city, the neighbourhood will be pre-planned, and the Developer you bought the lot from will let you know what's allowed. Many new neighbourhoods are 'Front-car Garage' houses. Some will allow for a detached garage, or a garage attached at the back. Make sure you're comfortable with the restrictions that come with the lot before you buy it. If your lot is smaller (as most in-town lots are!), you'll probably have a basic shape that you can start with (say, a long rectangle, or a square box) - check out show homes for ideas (of course, you can not copy someone else's house, but you can gather ideas for features you like to see what you want to incorporate into your own house.
Once you've got the basic shape in mind, sit down with some graph paper and start playing around with what you want in the house. Three bedrooms on the main floor, four bathrooms (because you really love prunes!), large island in kitchen - you get the idea. The other thing that I highly recommend is the Internet (surprise, surprise!). There's a ton of information out there, and there is an incredible selection of house plans on the Net. They're waaay cheaper than having an Architect draw your own designs, and they will often accommodate them to suit your needs (small fee involved, but worth it if you really, really need a sauna off the Master!). The general cost of having your own House Plans drawn up is anywhere from $2,500.00 and up, depending on the house and the Architect. Perhaps you'd even like to build a Walk-Out Bungalow like ours!
Extra Costs of the Land: This applies primarily to buying an acreage, since you'll need to add about $25,000 into your budget to get the services in, but it's good to make sure that there are no hidden costs or amenities that you're required to pay for your lot. We really scored and found an acreage in an Estate Area that already has the services to the lot line -- WooHoo! That's a huge savings! (I'll put that money towards the development of the Garden Room!)
Every so often you may come across a Beautiful Piece of Land and the Developer will carry the price of the Land with a small Down-payment until you're finished the entire Build and your Mortgage Money has actually come through, then you pay the Developer for the Land at the end. This is very, very rare. More often than not, you may be able to hold the Lot with a Down-payment until you are ready to Build, but you will have to Pay for the Land in its' entirety before you can go and even get the Permits to Build. I know, I know ... it's a Big Money Game, but it can be done if you're really determined. All money-related info is much better to know in advance than to discover it later and lose your shirt... you want to make money on a build, not lose it, right?!
After Thought: Well, we're done the house, now, and Money was the most difficult part of the job. When you are building on your own, you actually seem to need a 3:1 ratio of Cash to Home. What that basically means is that if you want to borrow $100,000., your new home should be worth $300,000.
We were amazed at how little the Appraiser actually knew about the Building Process. We were also shocked at the tiny increments of cash that we got from the Bank. It was not done the way that you're generally told it will happen -- in three main sections -- Subfloor, Lock-Up and Completion.
We were given 10% here, and 5% there... it was a long and arduous process, and one we will try our best to avoid in any future Build. We'll set up a large Line of Credit based on the Equity of our House and go as far as we can before we attempt to get another Builder's Loan.
This is not to say that Builder's Loans are never good -- not by a long shot. They can be the difference between being able to Build the House or Not, so definitely pursue that avenue if you need to... you might get lucky and find a really great Appraiser who does know the building process.... they must be out there!
The other very difficult part of the Build was with the First Finishing Carpenter. We found him through a reliable source and followed through the regular way. Everything looked like it was going to go smoothly until he started fighting with me about how the Kitchen Island was to be built. He did his best to pit Dwight and I against one another -- I would give him the Drawing of how the Island was to be built and he would go to Dwight to say it had to be changed. (Little women don't know 'nothin' about buildin'... ugh! What a yuck!)
Everytime I drove up to the new house and saw his truck I would feel physicaly ill -- not a good sign!
I can't tell you how many fights this caused... Finally, I said to Dwight that we needed to band together against this guy and stop letting him waste time (hours and hours at $45.00/hour...) by pitting us against one another. Dwight agreed and we went back in with a united stand. Much better.
Even after that, this guy couldn't stay on track with the work that had to be done before we could move in, so after I found another carpenter (no matter how annoying or slow someone can be, always wait 'til you have a replacement before you make any serious changes...I think that might go for some marriages, too! ha,ha!), I came into the house, nothing had been done, and I fired him. He stayed to finish out the day, and Dwight said he had never seen this carpenter work so hard! Now, that's funny!
It's incredible, really, how something in a relatively short time period of your life can cause so much upset -- this part was very difficult to get through, but we got through it and now it makes for a good story!
Our new Carpenter, Trevor Campbell, came in and saved the day... he fixed all of the other guy's many mistakes and finished everything that needed to be done before we could move into the house. AND, he never fights with us! It's a miracle! Trevor is a breeze to work with, so we can get the work done quickly and easily -- perfect! We would recommend Trevor to anyone planning any type of Carpentry Work for their home.
As an aside, this is generally good advice for any building project -- or anything else that is a huge thing in your lives -- stick together as a unit to get the job done. Any item can be compromised on -- there is never any one item that should cause so much grief that the whole job comes to a halt. Better to resolve to like it (or not look at it!) than to waste time and money (and potentially your relationship...) fighting over any aspect of the job.
This is not to say that you shouldn't try to persuade your partner in the right direction if you know they are headed down the wrong path, but do it gently like you're steering a car around a tight bend -- go slowly and carefully so you don't run the whole thing off into the ditch!
The most important thing is to Keep the Job Going and Get the Job Done. Then Hire a Mover and Move on in -- and hopefully, Up!
Ailsa Forshaw is a Writer, Builder, Website Owner & Manager, Teacher, Mother... all in Alberta, Canada. She is Married with Two Lovely Children, and one gorgeous wee dog. Her Website, http://www.buildyourownhouse.ca, is chock full of all sorts of useful & fun information to help anyone become Financially Successful, Slim, Trim, and Happy... what more could you want?? Pop in for a wee visit! http://www.buildyourownhouse.ca, http://www.theScottishDiet.com
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With today's mortgage rates, you can still refinance for lower payments. Here's how | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
With today's mortgage rates, you can still refinance for lower payments. Here's how | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Many homeowners refinance for lower payments or interest rates. Here's what you need to know about your options and some pitfalls.
Thinking of Refinancing Your Mortgage? Check These 4 Financial Areas First Forbes
Refinancing your mortgage can be a great way to save on your monthly payment or to change up the terms of your loan. However, while it's a financial move that ...
Consumers should soon see benefit of Feds patience on rates Foster's Daily Democrat
NEW YORK (AP) — So much for those worries about rising interest rates.Just a few months ago, rising rates were bearing down on everyone from home buyers ...
5 Terrible Reasons to Refinance Your Mortgage MoneyWise.com
Mortgage rates have been going up, so time may be running out if you're looking to refinance your home at an attractive rate, to lower your mortgage costs or...
How to Determine a Home Value and Why it is Important Foreign Policy 2018
Here are some of what Mark Ellis - Sydney Property Valuations will let you know about how to determine the value of your home.
Refinancing activity in the US just plunged to the lowest level in over a decade Business Insider
Refinancing activity plunged to the lowest level since 2000 as interest rates rise.
Unpaid federal workers can sidestep rules to apply for cash-out mortgage refinance Bankrate.com
As the partial government shutdown drags on with no end in sight, furloughed federal workers are faced with mounting financial obligations and a variety of relief ...
Refinance rates increase for Saturday Bankrate.com
Multiple benchmark refinance rates moved higher today. See what that means for your refinance chances.
How Marriage Affects Student Loans Wall Street Journal
A union can trigger changes to a borrower's loan payments and related tax breaks, among other things.
Refinance rates move up for Thursday Bankrate.com
Several closely watched refinance rates advanced today. If you're in the market for a mortgage, see how your payments might be affected.
Refinance rates retreat for Monday Bankrate.com
Multiple benchmark refinance rates tapered off today. If you're in the market for a mortgage, see how your payments might be affected.
Refinance mortgage rate slides for Thursday Bankrate.com
Refinance rates were mixed, but one key rate declined. If you haven't locked a refi yet, see how your payments might be affected.
Best cash-out refinance lenders 2019 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Best cash-out refinance lenders 2019 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
If you want to pull equity out of your home in 2019, check out this list of best cash-out refinance lenders. Because mortgage rates and costs for cash-out ...
How Long Does It Take to Refinance a Mortgage? Realtor.com News
How long does it take to refinance a mortgage? Refinancing should take anywhere from 30 to 45 days on average, although that can stretch to 60 days if you hit ...
Refinance mortgage rate eases for Thursday Bankrate.com
Refinance rates were mixed, but one key rate dropped. If you're in the market for a mortgage, see how your payments might be affected.
Refinance mortgage rate moves up for Friday Bankrate.com
Refinance rates were mixed, but one key rate moved higher. If you're in the market for a mortgage, see what that means for you.
Refinance rates decline for Saturday Bankrate.com
Several key refinance rates dropped today. If you haven't locked a refi yet, see how your finances could be affected.
Texas cash-out refinance: new laws you need to know | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Texas cash-out refinance: new laws you need to know | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Cash-out refinance Texas rules for homeowners in Texas. Texas cash-out refinancing is different from other states and you'd better know the rules before taking ...
The Best Reasons to Refinance Your Mortgage MoneyWise.com
Just like your car, sometimes your mortgage is due for a trade-in. You might find a new model with improved options that will save you money or fit better wi...
Cash-out refinance for renovation: Increase your home equity | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Cash-out refinance for renovation: Increase your home equity | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Considering a cash-out refinance for renovation? Here's what you need to know about options for financing home improvements.
Navient (NAVI) versus Federal Agricultural Mortgage (AGM) Head-To-Head Review Fairfield Current
Navient (NASDAQ:NAVI) and Federal Agricultural Mortgage (NYSE:AGM) are both finance companies, but which is the superior investment? We will contrast the ...
Refinance mortgage rate falls for Tuesday Bankrate.com
Refinance rates were mixed, but one key rate dropped. If you haven't locked a refinance yet, see how your payments might be affected.
Do I need an appraisal to refinance my home? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Do I need an appraisal to refinance my home? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Do you need a home appraisal to refinance your mortgage? Not necessarily. Here's what you need to know about conforming, USDA, FHA and VA refinances ...
Refinance rates advance for Saturday Bankrate.com
Multiple closely watched refinance rates notched higher today. If you're shopping for a refi, see how your finances could be affected.
Refinance rates trend higher for Tuesday Bankrate.com
Several closely watched refinance rates rose today. If you're in the market for a mortgage, see what that means for you.
Mortgage lender pulls out of market Mortgage Business
Just a year after launching, a mortgage lender specialising in non-resident mortgages is being wound down and will not proceed with any loan applications ...
Why refinance now? Because your home equity, credit scores are higher than you think | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Why refinance now? Because your home equity, credit scores are higher than you think | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Even if you were turned down for a mortgage refinance when rates were at their lowest, you may still be able to benefit. Credit scores and home equity are on the ...
Do mortgage lenders have minimum mortgage amounts? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Do mortgage lenders have minimum mortgage amounts? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Are there minimum mortgage amounts to buy or refinance a home? Not according to most official program guidelines, but most lenders do set minimum amounts ...
Refinance rates hold steady for Friday Bankrate.com
Several benchmark refinance rates held steady today. See what that means for you if you're in the market for a mortgage.
Should you use a cash-out refinance to pay off a HELOC or home equity loan? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Should you use a cash-out refinance to pay off a HELOC or home equity loan? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
In this article: In most cases, interest rates for home equity loans and lines of credit are higher than those of traditional first mortgages. And home equity financing ...
Mortgage-Refinance Loan Can Put Cash in Your Pocket
Do you need cash? Here's a mortgage for you. If you are not in a good position to take an equity line of credit on your home, because you have not built enough equity or a poor credit situation is making bankers steer clear of you, altogether, there is another option -- the cashout refinance.
Refinancing Your Home - How and Why?
Chances are you may need a little extra money to get some work done around the home or perhaps your current interest rate is 7.5% and the prime interest rate is 6.
Self Employed Mortgage Loans - A Survival Guide
When you're self employed you have numerous advantages. As you are a free agent, you will write off every deduction you can on your tax return.
Secured Homeowner Loans to Reiterate that a Home Provides More than a Roof Over Your Head
"The ache for home lives in all of us, the safe place where we can go as we are and not be questioned."It is a challenge to find a place like that.
Say Yes to ISA Mortgages for a Convenient Mortgage Repayment
Customers who opt for an interest only mortgage, and feel themselves fortunate at the extraordinarily low monthly installments, wake up. The mortgage may be fast approaching its repayment.
Home Loans: To Substantiate Financial Possibilities On Your Land
Availability of Home loans is in full bloom. They are uncomplicated, tenable, easily available, very flexible and tailor-made for homeowners.
Selecting the Right Mortgage for You
A mortgage is a loan you take out to buy a home. This loan covers the "principal" (purchase price of the house minus your down payment) plus the "interest," which is the fee a lender charges you to borrow the money.
Secured Loans - Making the Most of Your Home as Collateral
My visit to the lender was interrupted with my wife demanding a reason for my preference for secured loans. Though I hushed up the matter then, it kept on ringing in my mind hours later.
Thinking About Re-mortaging? Read These Tips First
More and more of use are signing up for limited time low interest rate mortgages and then switching to a different mortgage when the low interest period expires.It's a great way to save money and can, potentially, save you thousands in repayments.
Mortgage Tips For The Frantic
It is a curious fact of human nature that people will haggle over the price of an umbrella, but buy a house on impulse.We understand small amounts of money; we know what they can buy.
How to Find the Best Mortgage
The purchase of a new home is one of the most important decisions you will ever make, and finding the best type of financing for you is crucial. Mortgage financing is a very competitive industry and lenders are currently offering extremely low interest rates and a variety of flexible loan programs.
Real Estate Lender - Get Approved For a Mortgage Loan Online
Real estate lenders now offer mortgage loan quotes and application online. You can be approved for a mortgage loan online in a matter of a few weeks.
Home Equity Loan - Good Choice for Luxury Purchases?
Home equity loans or lines of credit have increased dramatically in popularity in recent years. One of the reasons is that interest rates are at or near historic lows; borrowing money has rarely been more affordable.
Guide to Mortgages
A mortgage is a loan that is guaranteed by a property. At its most simple that means, if you can't pay back your loan the lender can force you to sell your home so they can get their money back.
No Money Down Home Loan
Are you in the market to purchase a home but are concerned about not having enough money for the down payment? No down payment home loans or 100% financing for your mortgage loan used to be only advertised during late night infomercials and in obscure real estate publications. The good news is that if you want to buy a house but have little or no money available for the down payment, there are mortgage lenders who are offering no money down home loans in your area.
Home Equity Loan - With a Reverse Mortgage, Your Home Pays You!
The home equity loan has become quite popular in the last five years, and Americans have tapped into the equity of their homes in record numbers. The reasons vary, although home improvement and debt consolidation are the most common reasons for borrowing against a home's equity.
Should You Get a Home Inspection?
It's very important, and in my opinion, mandatory to have a home inspection done before you close on a house. The inspection helps with giving you an objective evaluation of any problems with the home before you move in.
Are You A Victim Of A Predatory Mortgage Foreclosure?
Help is available to borrowers who have claims against their lenders for violating the Truth in Lending Act and other laws regulating credit transactions. Such violations may be a defense to a mortgage foreclosure.
Are You Ready for a 40-year Mortgage?
Real estate prices have been increasing steadily over the last five years, particularly on the East and West coasts. In parts of California, homes are selling for 33% more than they were a year ago.
Refinance Mortgage Loan - Tips on Refinancing Your Home Mortgage
Refinancing your home mortgage can come with some great perks. If you do it with no money out of pocket, you can skip one to three mortgage payments.
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