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How Do You Get a Construction Loan?
 If you want to build a custom home instead of buying an existing property, you might need a construction loan. A construction loan is considered a short-term loan that covers just the cost of building a custom home.
After your home is built, you have to apply for a mortgage, and that’s used to pay for your completed home.
Along with being shorter-term than a mortgage, a construction loan usually has a higher interest rate.
The loans usually last for a year, and during that time, the property has to be built, and you have to receive your certificate of occupancy.
What Do
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Mortgage Rates
U.S. averages as of September 2021:
30 yr. fixed: 2.87%
15 yr. fixed: 2.17%
5/1 yr. adj: 2.42%
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Construction Loans Cover?
A construction loan can be used to cover a variety of costs, including your contractor’s labor, building materials, permits and the cost of the land. You may be able
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How Do You Make an Offer On a House?
 Deciding to buy a house is huge—it’s one of the most significant investments you’ll ever make, if not the biggest. You search for the perfect home, and when you think you’ve found it, the next step is to make an offer.
What exactly does making an offer entail?
Before You Make An Offer
First, you should have a few things in place before you make an offer. One is a mortgage preapproval from a minimum of one lender. If you get preapproved, it helps you know how much house you can actually afford. The preapproval letter also shows sellers you’re serious.
Then, you need to understand the local market to make sure your offer is competitive. Your real estate agent will be able
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The Pros and Cons of Building a Custom Home
 Right now, many would-be homebuyers are facing a predicament, which is that there is a limited inventory of properties available. That might be one reason to consider building a custom home, but there are others.
There are downsides to think about at the same time. Whether the pros outweigh the cons depends on your unique situations and preferences, but the following are some of the upsides and downsides to at least make sure you’re aware of before making a decision.
The Pros of Building a Custom Home
When you’re thinking about building a custom home, the following are some of the upsides.
You Can Get Exactly What You Want
When you buy an existing home, undoubtedly, there are some things you’re going to have to settle on. You may be able to change them or update them later, but you’re more than likely not going to get precisely what you’re looking
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Peet Law Group
55 Patchen Road
South Burlington, VT 05403
3533 Woodstock Road
White River Junction, VT 05001
800-683-3903 (toll free)
office@peetlaw.com
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Meet Our Real Estate Law Team
Attorneys:
Fred V. Peet
Richard C. Maxson
Christopher M. Perra
Kevin J. Shortell
Paula LeBlanc
William Flender
Eric Derry
Paralegals/Legal Assistants:
Doreen Guthrie
Sherry Morin Barton
Amy Benway
David MacPeek
Shawn A. Nelson
Karen Eddy
Elise Martin
Marcy Brigham
Sheri Slack
Linnea Oosterman
Samantha Kittredge
Kristy Farnham
Carol Davis
Kate Miller
Closing Coordinators:
Katy Baker
Laura Martin
Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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