Maybe you like the location, but not the home. Maybe you like the house, but not the kitchen. Maybe you like the home you live in, but want a bigger one. Use of a construction loan can help you build, rebuild, remodel or rehab any home you choose. Most work can be completed cheaper than you would think.
Heres how it works:
The loan is based on the value of your home AFTER the renovations are finished. This gives you the flexibility to make your home into more than you could with just your current home equity. During construction, the loan is a line of credit with interest-only payments due on the outstanding balance. When the renovations are complete, the loan converts to a conventional mortgage. If you need to move out while your home is being renovated, we have a "no-payment option" during the construction period to help you afford the increased housing expense.
Other great features of a Major Renovation Loan include:
A contingency reserve to cover plan changes or unforeseen circumstances. A single loan structure with only one settlement- a feature that could save you hundreds of dollars in settlement costs.
Happy Buildling,
Troy Schuricht
COMMUNITY FIRST FINANCIAL, LLC
7575 E Redfield Rd Suite 235
Scottsdale, AZ 85260
480-305-8900 - office
480-393-8801 - fax
http://www.communityfirstfinancial.com/
http://www.yourlendertroy.blogspot.com/
http://activerain.com/tschuricht
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