What are the ins and outs of getting a construction loan to build a home?
amyann16 asked:
My husband and I are 1st time homebuyers. We have been preapproved for a house loan, but are not having luck finding what we want. We have toyed with the idea of building our own. What are the differences between getting a preapproved loan and buying a already built house and going through getting a construction loan? Do you have to put money up front for a construction loan? Do you make mortgage payments while the house is being built, or do you wait until the house is completed? Is there a time frame that the house must be built within? If we were preapproved for a certain amount with a homebuyers loan, would we likely be preapproved for the same amount for a construction loan? What other differences should I know about? Since we are first time homebuyers we do not have much collateral (we do have some savings, but not a ton), would that affect our ability to get a construction loan?
My husband and I are 1st time homebuyers. We have been preapproved for a house loan, but are not having luck finding what we want. We have toyed with the idea of building our own. What are the differences between getting a preapproved loan and buying a already built house and going through getting a construction loan? Do you have to put money up front for a construction loan? Do you make mortgage payments while the house is being built, or do you wait until the house is completed? Is there a time frame that the house must be built within? If we were preapproved for a certain amount with a homebuyers loan, would we likely be preapproved for the same amount for a construction loan? What other differences should I know about? Since we are first time homebuyers we do not have much collateral (we do have some savings, but not a ton), would that affect our ability to get a construction loan?
I would like to find an engineer to build a tool prototype for construction?
D. N asked:
Its so hard to get an inventive idea off the ground anyone intrerested ?or have an edge here?There is money in a good idea if it has a chance.
Its so hard to get an inventive idea off the ground anyone intrerested ?or have an edge here?There is money in a good idea if it has a chance.
What’s the annual income for an auto repair business?
Claude B asked:
Hello
This may seem as a silly question. My brother and I are planning on opening an auto repair business. The reason that holds us back is the income. At this point we’re each making around 60k a year. We’re not sure if we will be able to make the same money. I know this is directly related to line of customers. I need a ballpark figure. 2 bay garage, average line of business. What will the annual income be?
Hello
This may seem as a silly question. My brother and I are planning on opening an auto repair business. The reason that holds us back is the income. At this point we’re each making around 60k a year. We’re not sure if we will be able to make the same money. I know this is directly related to line of customers. I need a ballpark figure. 2 bay garage, average line of business. What will the annual income be?