One of the most important steps of building your new home is financing it. It also creates a lot of questions.
But, taking too long to find the right mortgage lender can cause delays and will be more costly in the end.
What’s Your Budget?
Most people are unsure about what their log home will cost. Your first step should be to talk to your log home dealer as soon as possible to establish an initial budget.
Tips for Financing Your Log Home
Here are some helpful tips to aid you in financing your new home.
- Shop for a loan before committing to a log home package. You should at least get pre-qualified before committing to your package.
- Choose a combination loan. You need two types of financing: a short-term construction loan and a permanent mortgage. By choosing a lender who will merge both loans, you will only have one closing cost. That saves you money!
- Make sure you check the terms of your construction loan. Financial institutions will typically allow a 12 month loan, while some will go to 18 months.
- Once you are pre-qualified and have ordered your home package, DON’T wait for the next call. You should follow through with the lender and establish what paperwork they need to avoid delays. Delays will end up costing you money.
Duncanwoods International Log & Timber Homes Inc. works closely with our customers to help them build the custom log home of their dreams.
Have more questions? Contact us. We’re happy to help you find the answers.