Line Of Credit
Getting nailed by tight credit: prices of commercial construction are falling, so this is a good time to build--if you can raise the money.(CONSTRUCTION): An article from: Business North Carolina [H] [T] [M]
Gale Reference Team (Digital) Business North Carolina 2009-02-01
Release date: 2009-02-23
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$9.95
$9.95
Answers
we are building a house and have been paying a construction loan (interest only) waiting for it to get rolled over into a permenant mortgage. we have not recieved any forms from the mortgage comany yet. will we?
Not on line 54.
Call 1-800-829-1040 and ask if the construction loan can count as mortgage interest or if this is an investment expense....
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I have a construction business that is 6 yrs old. With current conditions I am finding that I need more capital to run the company. Can anybody suggest a source for a $150,000.00 line of credit?
yes,ask Bill Gates to loan you some.
Price:
$9.95
$9.95
$1,000,000.00 line of credit can only be used for real estate purchases such as,new construction,rehab houses,investment property or personal property.
Why would I pay anybody anything for the ability to borrow???
Pay 50k so I have the RIGHT to borrow $1mm????
Sounds really silly.
I can fill out a mortgage app or loan app FOR FREE and obtain the right to borrow money.
Does this 50k sound like a good deal to you or something???? I believe you are not really thinking straight on this!
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$5.95
$5.95
We plan to use a home equity loan to rebuild our studio, putting the loan money in a separate bank account and using that account solely for "construction costs" to ensure the interest remains tax-deductible.
Question 1: We're paying an architect to design the building and we have to pay the city a permit fee to review and approve the design. Are these two fees considered part of the "construction costs" of a building so we can use the loan to pay these without worrying about the IRS coming after us?
Question 2: Given this scenario, would it be wiser to use a Home Equity Line of Credit so we only borrow what we need when we need it? My concern (as always) is variable interest rates on the lines of credit, so I'd get a lower interest rate today, but it might be higher next year.
Thanks!
Joe
yes, of course., these are legitimate costs and can be put into the taxable basis of your house. I wouldn't go for a variable loan in this economy. Rates are on their way up, maybe way..... up. Go for a fixed rate conventional mortgage of no more than 30 years.
If I wanted to purchase an existing home for 250K and make 30K in improvements how would that break down? Would a I pay the existing mortgage on the 250K and would the 30K be an additional payment??? Do they give that too you all at once or is it used as a type of line of credit? Any info would be appreciated..
Assuming you don't have the cash to put down $30K and then just use an equity line, then I guess you'll need a construction loan.
The programs vary widely, but they'd pay off the seller, and you'd basically have a line of credit to draw from to complete the rest of the work. The bank will send out an inspector to approve the funding as the work progresses. Then, after that phase is done, you'll either have to close on a whole new loan, or do a modification to permanent financing.
Shop around hard for a loan officer with direct experience in construction lending. It's much different from just doing normal mortgages, and most don't have a clue.
Buy Cheap
Circolo Luce Del Sud ยป Britain in line for Europe's fastest railway
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He hopes to win cross-party approval for the high-speed line to the Midlands. on which trains will travel at up to 200mph. The Government aims to publish a White Paper by the end of March, setting out a detailed route for the first phase of construction and a broad outline of a network running north of Birmingham to Manchester, Leeds, Sheffield, Newcastle and on to Scotland. Once complete, journey times between London and Edinburgh would be cut to 2 hours 40 minutes.
The three main political parties are, in theory, committed to high-speed rail. Consensus on a specific route may be more difficult once the impact on marginal seats in the West Midlands is taken into consideration. Party political division may also emerge over how the network should connect to Heathrow and the Crossrail project and over the shape of the high-speed railway north of Birmingham.
...News
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