At this point we are all aware of the challenges of finding homes for sale in the current market and especially one that may fit the needs of your family. No one wants to settle, and you should not have to. There is a home financing program for your primary residence that may help you get exactly what you and your family are looking for by renovating an existing property or building a new home. Construction-to-permanent financing allows you to combine your construction financing and permanent mortgage into one loan.
These types of loans provide financing for the purchase of your lot and the construction of your home on that lot. If you already own a lot, the construction-to-permanent loan can be used to finance the construction costs. Even if you’re renovating an existing home, you can still finance the renovation costs and the permanent mortgage financing with one convenient loan.
There are a number of benefits with this type of loan program, including:
The ability to lock in your permanent mortgage interest rate, without a fee, during the construction period.
By qualifying for a construction and permanent loan at the same time, you save time and money with one closing and one set of closing costs.
Typically, while your home is under construction you make interest-only payments on only the funds that have been disbursed.
These programs may include lot financing or the ability to build on your existing lot. You can build a primary residence or renovate an existing home.
As with all traditional home mortgages you can still choose from a fixed-rate or adjustable-rate mortgage (ARM) as your permanent financing.
Available for both conventional and jumbo mortgages (loan amounts in Bergen County in excess of $1,149,825) for primary residences.
In addition to construction-to-permanent financing, we have a full range of loan programs for your primary residence, including fixed- and adjustable-rate mortgages, home equity lines of credit and cash-out refinancings, as well as fix and flip and construction loans for investment properties. We have access to over 40 banks and lenders, allowing us to find the best rates and loan programs that may be available to you, including borrowers who may have been turned down by other lenders in the past. If you need any type of financing related to your home and construction projects please give me a call.
Please use our QR code to apply for your home loan or give me a call to arrange an in-person meeting to fully explain our home financing programs we have to fit your needs. We also have an exclusive offer for all Jewish Link readers. Please mention this article when you submit your application. If you then close a loan that is arranged through Legacy, we will give you a $500 gift card to Susan Richmond the Doily Lady www.thedoilylady.com. Susan offers a handpicked collection of the finest giftware and Judaica to enhance your home.
Let me help you build your legacy.
Andrew Wexler, NMLS #2568254, is a mortgage adviser with Legacy Mortgage Group Inc., and has over 30 years of real estate experience. Andrew has been a Teaneck resident for 33 years and is the proud saba of Ahuva, Moshe, Yehuda, Nosson, Leba, Shaya and Akiva. He can be reached at 201-674-4229.
Legacy Mortgage Group Inc. Licensed by the NJ Dept of Banking and Insurance. NMLS: 2533102 (nmlsconsumeraccess.org). All advertisements for credit are subject to borrower approval. Not all applicants will qualify, and no advertisement is a commitment or guarantee to lend.
