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1X Close Construction Loans are primarily what you hear about today when you start to discuss construction financing. So what is a 1X Close, and how is it different than a 2X Close? What are the pros and cons?

The 2X Close: Traditionally a construction loan has been a stand alone loan that is not the 30 year mortgage with principal and interest payments that we are all familiar with. The 2X Close Construction Loan is just the loan for the construction. When the home is done, and the Certificate of Occupancy (C of O) is received, the owner must get a refinance loan to pay off the construction loan. This is the 2nd loan in the process, thus the 2X Close. The refinance would then be the 30 year fixed mortgage (or ARM, or whatever product the owner

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Warrantable v Non-Warrantable: Which is which and how this affects financing

Park City and the surrounding areas offer a wide variety of condominium projects, everything from multimillion on-mountain units to one bedroom apartment style units out of town. Financing the purchase of a condo is not necessarily difficult but there are a few factors that should be taken into account. The following details can help prospective buyers and realtors alike as they evaluate different condo projects and the amenities they offer.

Deer Valley Condo Financing

 

Warrantable:

Warrantable is a designation that is given to condo projects by Fannie Mae when the project meets their guidelines. Warrantable condos are relatively easy to finance and allow for most existing types of

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