Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase.
This morning I sat down with Danielle Engels from Dakotaland FCU. Today, Danielle talked about new construction loans and how to set yourself up to get that process started. You can reach Danielle at 605.697.5922 or firstname.lastname@example.org Her office is located at 2423 6th St., Brookings SD 57006 or on the web at www.DakotalandFCU.com
- All right. Good morning everybody. Shane here from the Brookings Home Team powered by Century 21. And I got Dani here from Dakota Land Federal Credit Union. We are a couple minutes late. When dealing with technology sometimes it doesn't always work for us. So thanks for your patience and Danni kinda got thrown in here this morning. Kinda unexpectedly. Emmy's out sick today but next best thing here with Danni. We're gonna talk about a tip. Boy I can't talk today either. I think it was Monday.
- Monday Morning Mortgage Tip brought to you by Dakota Land here today. So Dani, what do you have for us?
- Good morning. Was gonna talk a little bit about construction loans because we are approaching that season. Some people have already started and are underway but for those of you may be thinking about starting to build, you'll wanna start getting your bids and your floor plans put together. And then turn those in. Obviously apply with your lender. And we offer a 12 month term at one point nine percent construction rate right now which is really awesome. We have unlimited draws and then we do have a construction specialist, Mark Peterson right here on site. So he just reviews the bids and makes sure everything's in there. Make sure you have accounted for everything. And then once we do that initial appraisal we'll loan up to 80 percent of the value and then get that construction process underway. So just thinking about construction if you are thinking about doing something. You know get in and talk with your lender. Crunch some numbers ahead of time and see if that's the best route for you to take and if we can make it work for ya.
- Okay. Do you guys base credit scores on the new construction piece too, as well?
- We do. Because ultimately we are trying to preapprove you for the construction loan and then looking towards that permanent financing when we would role over after that 12 month term. So, yes. Your credit score will play into that.
- As a part in that as well.
- Okay. I thought it did but some people aren't quite sure how that construction loan and then like you said. It then transfers over to a permanent one. So still some rules, so to speak, to go by there. But some easy processes here to get you started and they do have an awesome rate for ya, too. Talk with Danny. Talk with Emmy. I'll have all their information as normal on the top, on the bottom. On the sides. Wherever your device will allow you to see it. And of course, if you have any questions for these two, myself or anything else please reach out to us. Either comment below or instant message or email us. I'll have all their email and phone number information in the post as well. So that is our Monday Morning Mortgage Tip for this week. Til next week guys stay warm and hopefully think spring.
- Get ready for new construction. So we'll be in touch. We'll talk to you guys next week. See ya.
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