Author Topic: Finding a mortgage lender  (Read 470 times)

joenorm

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Finding a mortgage lender
« on: April 04, 2020, 07:35:48 AM »
Hello All,

I just sold my primary residence and I am in the middle of building another home. I've got money in the bank from the sale. Most of it will be used to finish the current build.

I also have recently purchased a neighboring lot and have financed that at 4% with the seller.

My original plan was to finish the house and then take out a small mortgage to pay back the seller financed loan. This would likely not happen until this Fall.

With interest rates so low I was wondering if anyone would give me a mortgage now, with a half built home and very little debt.

Is it worth looking now for a mortgage or best to wait til my house is finished? If so, where can I look besides local banks? I live in a small place so local banks are limited. They're here, I just wonder if there are better options for getting the best rate?

Thanks

waltworks

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Re: Finding a mortgage lender
« Reply #1 on: April 04, 2020, 09:13:58 AM »
The mortgage market is somewhat frozen/crazy right now. Unusual cases are probably going to be tough to get approval for.

I'd go talk to your local banks first, they'll have the most flexibility.

-W

clarkfan1979

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Re: Finding a mortgage lender
« Reply #2 on: April 04, 2020, 05:48:04 PM »
I would stick with plan A. Finish the house and shop around for the best rates in 6 months.