2. ONETIME DIPLOMA PROCESS REDUCES HAZARD FOR CONSUMERS

2. ONETIME DIPLOMA PROCESS REDUCES HAZARD FOR CONSUMERS

As well as was single qualification process an issue of advantage into the debtor, it serves as a risk procedures tool for all the customer.

There does exist an element of danger towards purchaser in a two-time tight transaction simply because they still have to re-qualify when it comes to “take-out” finance if the house is complete. If the degree isn’t able to happen at all, the customer could be not able to pay off the construction financing at maturity and could be forced into a home loan fitness or perhaps get rid of your home in a foreclosure action. This part of risk is actually eliminated by a single time tight building money.

3. ADDRESSED RATES

With a SC CTP money, the interest rate during building try pre-determined in addition to the monthly interest rate of long lasting debt that the design money will convert to can be pre-determined after the customer shuts the mortgage. Continue reading “2. ONETIME DIPLOMA PROCESS REDUCES HAZARD FOR CONSUMERS”