Tuesday, February 17, 2009

Thinking Of Building or Remodeling? Do It Now!

Whether it's to build a new home or renovate the one you currently live in, if you need financing, NOW IS THE TIME! Interest rates are at the lowest levels...ever! Financing can be obtained for interest rates in the mid 4's. That's an unbelievable rate.

Yes, lenders have tightened up their lending standards, but only to back where they used to be. Up until sometime around the mid 1990's, it was almost impossible to find a loan that required less than a 20% down payment. And yes, you do need to have a good credit score, generally one above 700. But that's okay; in order for our economy to pull out of this slump we need responsible homeowners who have some skin in the game. And lenders know that if you have at least 20% of your "skin" in their game, your not likely to default. Homeowners defaulting on loans that they should have never been given is partly what got us into this mess.

So don't be afraid to make the move. If you have good credit and a 20% down payment, you are what the lenders are looking for, and they will lend to you. Principle & interest on a $250,000 home, with 20% down will cost you $1,043.29 per month at 4.75% interest. $2,083.59 for a $500,000 home, and only $4,173.18 for a house that cost $1 million!
Need an equity line to fix up the home your in? A $50,000 loan @ 5.5% interest will only cost you $283.89 a month.

So whether you are thinking of taking the big step and building a home or just fixing up the one you have now, don't wait any longer, these rates may not last.

When you're ready to make your move, call me and I will personally come to your home to go over your project with you step by step. Ready to obtain financing? I recommend Marc Western at Access Mortgage- 208-5222

Kelly Anderson
Ironwood Custom Builders, Inc
Phone 801-416-3131 ext 101
Fax 801-386-5548
Builder Director Salt Lake Home Builders Association
Winner Parade of Homes "Best of Show"

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