When you make your down payment on your project, try to pay for a fifth of the overall cost.

If you put less than 20% down, you’ll have to pay Private Mortgage Insurance, which has skyrocketed with the credit crunch. PMI can add up to 30% more to your monthly payments.

 

providing proof he wasn’t the same person of the same name who had filed bankruptcy 10 years ago in another state.

See how well your lender does on the “Can Do” questions (see the Building Block on p. 21). Check rates and fees and what will happen when your construction financing is converted to your long-term mortgage when the construction is finished. Many lenders are still only offering to convert their construction loans into adjustable rate mortgages, which my clients and I have learned to live with, but NEVER go with a 30-year adjustable that has no cap on the first rate jump up or allows negative amortization. Find out what FICO credit rating and loan-to-value ratio they demand. Ask if they can use other custom wood homes as comparable sales, or will accept log home sales only.

Ask your real estate agent, your builder

LINWOOD CUSTOM HOMES

America’s largest supplier of reproduction
antler and wagon wheel lighting.
Over 45 different designs of Chandeliers,
Lamps, European Mounts and Sconces

Elk Chandelier $1199

Wagon Wheel Chandelier $499

Alaskan Moose European Mount $249
(Also Available in Elk, Whitetail and Mule Deer)

Call 800.574.3168 for a free brochure

www.casthorndesigns.com

Whitetail Cascade Chandelier $499

Whitetail European Mount $189