Real Estate Group Blog for Hampton Roads, Williamsburg & N. Carolina - Blog Archive: August, 2012

Real Estate Group Blog for Hampton Roads, Williamsburg & N. Carolina. Keep up on all the latest happenings and local market information.

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August 2012

There are 1 blog entries for August 2012.

Guest post by Mike Miller, Vice President/Branch Manager, Regional Home Mortgage.

Lot loans and construction loans are great options for home buyers who are utilizing a custom builder or building their own home. There are really three ways to go about it:

1)      Lot loan. The lot is bought and held on to for an extended period of time until you are ready to build. Typically, with this lot loan, consumers will have the option of making interest only payments, and the interest rate would be based on the prime rate as published in the Wall Street Journal. Most banks require a 20% down payment on the lot acquisition, and closing costs are kept at a minimum. There is no escrow account set up for the tax payments. It’s important to note that with this

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