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For your consideration: Our observations regarding What's holding back the housing market?

For your consideration: Our observations regarding What's holding back the housing market?

Should I use my construction lender for my permanent financing?

"I am about to complete the finishing touches on a major remodel to my house. For this remodel I have the property on a construction loan. Can I shop around for my permanent financing or is it better to go with the bank that provided the construction loan?"

While considering the mortgage lender who funded your construction loan, you should of course shop around. The lender with your existing loan may provide the advantage of already having (almost) all your paperwork on file, and so may be able to offer you a faster, easier permanent financing process. However, you'll want to know if the rates and terms you are being offered are in line with the rest of the market.

Ask the expert
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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