If anyone needs advice on a good construction loan lender in the Northeast Ohio area, post a comment. Our lender is spectacular. And our Agent is amazing. She helped us get our construction loan locked in at 3.5%
It's hard enough to get that rate on a conventional loan, much harder on a construction loan.
Plus they are the only ones I could find that let you lock the rate during the construction phase.
Most others that offer construction loans make you take an adjustable rate until construction is over.
Nice having the peace of mind knowing exactly what our payment will be now!
You're off to a great start! We got a one-time close fixed rate construction to permanent loan at 4.0%, but we closed in April. Even through the house is done, we haven't converted it to permanent now. So we're still paying interest only. It's on my to-do list. 3.5% is a great rate!!
ReplyDeleteHope you can get yours locked under 4.0% too!
ReplyDeleteGreat. If you could post info about your lender.. I live in Belmont County Ohio.
ReplyDeleteHere is the info. Sorry for the delay!
ReplyDeletePHYLLIS ANDERSON
SR. MORTGAGE SPECIALIST
FIRST PLACE BANK
999 E. MAIN ST.
RAVENNA, OHIO 44266
330-298-2046-OFFICE
330-296-8802-FAX
PAnderson@fpfc.net