Should I REFINANCE a construction loan to a permanent loan OR convert to a permanent loan? May 3, 2010
Posted by Credit in : Renting & Real Estate , trackback
Whitney asked:
It seems that interest rates are much lower for refinancing existing loans, as opposed to new loans. I have a construction loan which doesn’t expire for a few months, would it be better to refinance the construction loan to a permanent mortgage or do a construction to permanent conversion loan? Which will get me a lower interest rate?
It seems that interest rates are much lower for refinancing existing loans, as opposed to new loans. I have a construction loan which doesn’t expire for a few months, would it be better to refinance the construction loan to a permanent mortgage or do a construction to permanent conversion loan? Which will get me a lower interest rate?
Comments»
Generally the lender will lower the rate when you convert and the closing fees will be lower.
I’d start with my current lender