Sharon Schammel & John Wild
September 2021
"Unmatched Personal Service, Integrity & Results"
** Pacific Palisades & L.A.'s Westside **
Residential & Estate Properties

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
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%

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

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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* CURRENT * Pacific Palisades "Market Conditions" Update

It Ain’t Over ‘Til the ‘Funding Lady’ Sings
     If you think your new mortgage loan is official once you’ve signed your closing papers, you might want to rethink that. Sure, you’re pretty darn close to a brand new loan, but you’re not completely there. When your loan is officially approved by the lender and closing documents are ordered, there were several stages your application went through before papers could be ordered.
      When your loan officer contacts you and lets you know your loan has been approved, it’s very possible there are still some outstanding conditions attached to your approval. Your loan could be conditionally approved. This simply means there are some additional things that still need to be addressed. These additional things are called ‘loan conditions.’ The more important conditions are those that need to be fixed before closing papers can be ordered. 
      Lenders refer to these items as ‘pre-doc’ conditions, or items that need to be addressed before loan documents can be ordered. These are the more important set of conditions. The loan can’t reach the next stage until these conditions have been satisfied. A common

California Area Market Conditions Today

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Sharon Schammel & John Wild
DIRECT: (310) 573-7737 / 573-7733
Coldwell Banker

1515 Palisades Drive, Suite # F # F
Pacific Palisades, CA 90272

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