Building A House
by Steven from Ellabell, GA. USA
Regarding Building A House: Hi Kate, I am interested in building a house but prefer to keep my current home too. It has no mortgage and the market value is around $60,000.00. I am thinking of renting it out or selling. My decision really lies in the money matter.
I am one of the people who has always paid my bills and that is why I am 35 years old with a mortgage paid off. However this has left me with only a 650 credit score because I do not have a lot that I now owe on.
So with that, I am not one who has any real money saved up but I want to build a new home on a different piece of land. Will I have to use my current property to get the residential construction loan without putting up any money out of pocket? If so will I be able to separate the two properties at the mortgage closing?
I want to build a new home but want to keep my current place separate for security reasons. Thanks, Steven
Kate Answers: Building A House
Hi Steven, Thank you for contacting Get-Your-Best-Mortgage-Rate.com with questions about building a house. I have answered your letter at Residential Construction Loans which also discusses long term and permanent financing options.I hope you will find these solutions helpful. Please feel free to come back to my website again in the future with more questions. Of course, you can invite your friends to comment on this page or create one of their own.
Best Wishes,
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How To Buy A House Part 1 Meet your real estate agent and save yourself heartache and headache.
How To Buy A House Part 2 Meet your mortgage lender - Discover why closing loans requires more than quoting the lowest rate or taking an application.
How To Get A Mortgage Part 3 Meet your home inspector and avoid buying a money pit. It's THAT simple!
How To Get A Mortgage Part 4 Meet your real estate appraiser - Don't fall into the trap of thinking the appraisal assures you of a good deal.
How To Get A Mortgage Part 5 Meet your title insurance companies for little known coverage resulting in peace of mind.
How To Get A Mortgage Part 6 Meet your homeowners insurance agent because there is more to getting insurance than the cheapest quote.
How To Get A Mortgage Part 7 Meet your escrow and HUD 1 statement - Find out why escrow is the guardian of your real estate transactions.
Stories From Home Buyers - Meet Kate's home buying visitors who tell their stories and give advice for buying a house.
Ask Kate About Home Buying - Ask a question to get an answer from Kate.
How To Buy A House Q and A - A complete collection of questions about home buying, each with a individual answer from Kate
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