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Q: My bank wants a 1% origination fee to close on a construction loan. Is this outrageous or "normal".
A: It's probably close to normal. Most construction loans are short-term (usually a year) where you pay interest only, often at the Prime Rate plus a margin. The 1% fee may be credited toward closing costs on any permanent mortgage you obtain from the bank, so ask whether it can be applied.
Some homeowners will pay this 3.8 percent tax when they sell their homes, but only if they meet certain conditions.
Read MoreThis question used to have a simple answer, since there was a "bright line" definition -- the conforming loan limit....
Read MoreA lower-cost alternative might be to obtain a home equity line of credit or even an HECM.
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