I have a construction loan and built a house, now I can’t find a bank to finance the mortgage.?
by Mortgage Rates on Tuesday, September 28th, 2010 | 3 Comments
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Have you checked with a mortgage broker? Called around to all the banks in your area? Called the national banks or used LendingTree?
What have you been doing to get a mortgage? You cannot sit on your butt and expect the company who gave you the construction loan to do diddly on your behalf. It is entirely up to you.
Given the state of the mortgage lending market, you have Trouble with a capital-T. Get on this like hot fudge over a sundae and cover every possible base, starting with your bank. The construction loan lender is due their money, has been for many months, and you’ve been a slacker. Get this done, or pay off the construction loan yourself, or lose your new house.
Don’t depend on that bank to try to find someone to take a
profitable loan off their hands. it might be good customer service,
but it’s simply bad business.
You have equity, and a good payment history.
Unless there;s something unattractive about the property or the
loan you want that you’re not telling us, you should be a hot prospect.
Shop around for yourself.
You probably don’t even need a broker.
If there’s more than one bank in town, talk to the competition.
I wouldn’t be at all surprised if once they get word that you’re
loan shopping, you suddenly get an offer from your own bank.
Continue to shop for the best deal anyway.