@iCharlieSoles@therealtblake You’re correct. But you can’t compare that to other people that are applying for typical mortgages/construction loans. Like I said, what we offer is not an atypical product. In your case, it sounds like it would have been.
@iCharlieSoles@therealtblake Yea that’s the difference then. We would be requiring a fairly solid contract up front that you would stick with for the most part. Any overruns would likely be on you to cover or loan amount would have to increase. You’d go through the process again which would change your rate
@iCharlieSoles@therealtblake Once you use all your construction funds, escrow account will close and you will begin paying your full mortgage payment that was disclosed to you up front
@iCharlieSoles@therealtblake I literally work for a lender in NC…we offer this all the time. Construction funds are held in an escrow account. You pay monthly principal plus interest accrued on any construction funds you have used. So your monthly payment during construction will vary but your rate is fixed