It's a year since CLOSING on CONSTRUCTION LOAN

gerard g

2 years ago

New HOME BUILD DELAYED

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Comments (6)

millworkman
2 years ago
And? The world is being and has been delayed.
User
2 years ago
last modified: 2 years ago
Hindsight being 20/20, I feel bad I expressed myself poorly here. So I've deleted it.
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I am guessing there are different types of loans and different processes out there. We are just getting started on our build, but my lender said that 45 days prior to occupancy permit we can lock in a lower rate if one is available to refi the construction loan to a conventional (construction loan rates, for us, were about .5% higher than prime conventional rates). If lower rates are not available and we do not want to refi, our construction loan is interest only for 12 months then automatically converts to a conventional at the same rate. Our lender allows the same appraisal of land + project to be used if we want to refi the loan. If you can get a better rate with a refinance, simply calculate the yearly savings in interest vs your closing costs to refi the loan to find out a "break even" analysis - how many years will it take for you to break even on closing costs vs interest savings. If it makes sense, do it...interest rates likely will not be going anywhere but up in the next few years.
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millworkman
2 years ago
last modified: 2 years ago
"Not sure what the point of your very short CAPITAL LETTERS and SHOUTING are supposed to be"

He has said in the past he has very poor vision, so I have cut him some slack on that aspect but his cryptic questions make answering very tough.
cobalty2004
2 years ago
Lets not jump to conclusions that its covid related based on all the many details in the OPs post.
bry911
2 years ago
last modified: 2 years ago
The OP is allowed to be frustrated even in a global pandemic. The OP just noted that their build has been delayed and they have already closed on their construction loan, they didn't ask for opinions on why it is happening. However, that doesn't mean it isn't happening.

It sucks... we have had to delay a summer abroad twice now and I don't have any real hope of making it next year. This is something my family has been looking forward to for a bit.

It sucks to be paying extra interest on a loan because of this.
LH CO/FL
2 years ago
@bry911 we've been trying to rebuild a house that was devastated by a hurricane in 2019, and it's still a work-in-progress, as is everyone else on the island that took a direct/prolonged hit. Covid, supply issues, etc. on an island that still doesn't have normal power restored. Sucks all around!!!!

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It's a year since CLOSING on CONSTRUCTION LOAN

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