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Construction Loans


New Construction Loans
New Construction Loans
People have several reasons for needing a construction loan. The first and most obvious reason would be to construct a interest only and is usually from 6 to 18 months in length.

A construction loan may provide a way to remodel an existing home or to purchase an existing home that will require some additional repairs before putting a permanent loan on the property. In many instances, our construction lenders will allow the borrower to be the General Contractor/Builder.  These loans are available to borrowers from city lots to large acreages and from factory pre-built manufactured homes to million dollar mansions.

Taylor Mortgage Group offers construction loans on owner occupied properties as well as investment properties to build and sell home.

A construction loan is a short-term loan that is at a fixed rate.

Home Builder Loans
Home Builder Loans
Down Payment: The down payment can be as low as 10% of the total cost of the loan needed.  In  the case of the land loan, we may be creative as to the equity the lender will require during the construction period if cash is not readily available. Even though we strongly encourage the borrowers to purchase their land at the close of the construction loan, sometimes that is not possible. Your equity in your land will be credited toward the down payment required by the construction loan. It is possible, depending upon your credit package and other compensating factors to do a loan for zero down!

Rates: The interest rate on a construction loan may vary depending, on location, credible worth, the total loan package, and is tied to the prime rate on Wall Street. The rate for construction lending has been has been as low as 3.875% to 6.5% in the past. These rates will also vary depending on whether we do a one time close or a construction then permanent loan.

Pre-qualifying

Construction Loans
Construction Loans
Eliminate wasted time in the purchase transaction.  A  pre-approval process can be helpful in structuring your final goal. An accurate credit report is a useful tool in assessing your lending options.  Verifying correct and up to date credit information helps us provide clients an option for debt consolidation in order to help them qualify for the price range they are interested in for their loan.  We are there to advise and assist with any challenges.

A pre-qualification can be handled by telephone. Taylor Mortgage Group will follow up the verbal pre-qualification with a secure email including a link to our loan application and credit report authorization form to be completed, signed, and returned securely.  Upon receipt of your application and credit report authorization, Taylor Mortgage Group will provide an official pre-approval letter as well as a  list of items that you will need to provide to Taylor Mortgage Group to submit to the investor. Taylor Mortgage Group is diligent in meeting our deadlines and commitments.


Please call us today or use our online pre-qualification form to get pre-qualified for your home.

   

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Taylor Mortgage Group, LLC

Phone
303-884-9393
Fax
 
720-306-3813

Click Here to Email Us


CO  License:  100013875
NMLS: 385946
Regulated by the Colorado Dept. of Regulatory Agency



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