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With half of 2024 gone, it's time for our Mid-year review of HSH's 2024 Mortgage and Housing Market Outlook. Have a look and see how we're doing!

With half of 2024 gone, it's time for our Mid-year review of HSH's 2024 Mortgage and Housing Market Outlook. Have a look and see how we're doing!

Construction and permanent financing

Q: At what interest rate could I get a loan for $100 thousand, 30 yr fixed if I own the land and am a contractor?

A: It's not clear what you are trying to accomplish. If you are building a home, you'll probably begin with a construction loan. These short-term loans often run a year or less, are usually based on the Prime Rate and you typically pay only interest during the construction phase. Once the home is completed, you then would generally get the market interest rate for the "permanent" financing. The construction and permanent mortgages can come from different mortgage lenders, but there can be benefits for using the same one, such as a single closing.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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Q: How do I find out who owns my mortgage?
FEB 20, 2024
A:

The owner of the loan is most often the "investor" -- the entity who put up the actual funds to make your mortgage happen.

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Q: What loan amount does a mortgage need to be for it to be considered a Jumbo Loan?
NOV 28, 2023
A:

This question used to have a simple answer, since there was a "bright line" definition -- the conforming loan limit....

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Q: What does the term ‘conforming’ mean?
SEP 21, 2023
A:

Simply put, a "conforming" mortgage "conforms" to a set of standards so that the loan can be eligible to be sold to Fannie Mae or Freddie Mac.

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