construction/perm loan



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Answer #1

We actually do two closings. Many lenders will say they have one closing but since Fannie and Freddie don’t buy construction loans they have to modify/refinance/change it some way.
Usually what’s done is the lender provides a credit to cover the 2nd closings costs. Of course this is done by increasing the rate to provide the credit. Hope this helps and make sense.

Thanks,
Brent Mendelson
Senior Loan Officer
1st Mariner Mortgage
NMLS#111407
Bmendelson@1stmarinerbank.com

Answers Answered By: Brent Mendelson Level Rating133points

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