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When you borrow money to build or renovate your home, you should
know as much about your credit as your lender does. Get a Credit Report from one of the 3 major credit bureaus collecting information about your credit worthiness - Equifax, Experian, and TransUnion....
Fortunately, under a
new federal law, the Fair and Accurate Credit Transactions Act (FACT Act), you may have the right to receive a free copy of your credit report once a year from all 3 of these bureaus ...More>>
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By Mark A. Smith ~ Author, The Owner-Builder Book:
How You Can
Save More Than $100,000 in the Construction of Your Custom Home
When getting ready to visit a lender regarding your loan, consider the terms and conditions of the construction loans available before you choose. Lay out a spreadsheet of the loan differences discussed below and others you are concerned about. Before
you see lenders, call and ask their policy on the key terms. After you present your case to a lender, talk through their terms using your checklist. If you are considered a good candidate, the lender will negotiate any or all of ....More>>