Financing Your SmartPads Home Is Easy, Seamless, and Less Expensive
As far as banks, lenders, and appraisers are concerned, financing your SmartPads prefab home is the same as any site-built home. Firstly, you’ll obtain a construction loan, which will require you to “put down” approximately 20% of the total estimated construction costs which includes the SmartPads home in addition to all other on-site work and permits required to complete the build. Then once approved you start to pay monthly interest on the outstanding balance of the loan as it increases. Unlike home mortgages, construction loans are interest-only and short-term.
With a SmartPads home, you’ll find that financing the construction period is typically faster, easier, less cumbersome, and less expensive. Here’s how!
With a traditionally built home, the General Contractor (GC) required payments often every 2 week and these payments draw down from the construction loan for the duration of the building period, which is typically 12 to 18 months. This is to cover the cost of things like new materials, appliances, and labor. With each draw, you will need to work with the GC to reconcile each payment to the line items in your budget. It’s a time-consuming and cumbersome process, but essential to keep track of your budget and to be alerted to new contingency costs popping up on the horizon.
With a SmartPads home, you only have four draws (each which are about 25% of the total build cost) over the approximately two months it takes us to build your home. You will receive plenty of savings on interest because our homes are built faster. Both you and bank lenders will appreciate that the SmartPads home is sold at a fixed price, therefore no contingencies on a large portion of your overall budget, which lowers the risk for you and the bank.
When the home building process is completed, you will move from a construction loan to a mortgage. This is the case for both modular and site-built homes.
We would be pleased to introduce you to partner lenders. We’ve been successful in helping to get loan service fees down (which are typically around $500 to $1500) because the lender does not have to do continuous site visits. We send them photos directly from the facility where your home is being built. We currently have a relationship with Vectra Bank with a “one-time close” product. This allows for lower amounts down and a turnkey rollover from a construction loan to a mortgage without having to make another loan application and paying double origination fees. Overall, it’s more seamless and more cost-effective.
Are you interested to learn more? Contact us today – call Ryan Cox at (970) 819-5359 or email Ryan@SmartPads.co. Or check out our growing portfolio of designs.
Like!! Really appreciate you sharing this blog post.Really thank you! Keep writing.
Thank you ever so for you article post.
A big thank you for your article.
I very like this blog. Everything is cleared.
Very good article! We are linking to this particularly great content on our site. Keep up the great writing.
Thanks for finally writing about > Financing Your SmartPads Home
Is Easy, Seamless, and Less Expensive – SmartPads < Loved it!
Great information. Lucky me I discovered your website by
accident (stumbleupon). I’ve book-marked it for later!
It is perfect time to make some plans for the longer term and it’s time to be
happy. I have read this put up and if I could I desire
to suggest you some attention-grabbing issues or advice.
Perhaps you could write next articles relating to this article.
I want to read even more things about it!
Do you have a spam problem on this website; I also
am a blogger, and I was wanting to know your situation; we have
developed some nice practices and we are looking to exchange techniques
with other folks, be sure to shoot me an email if interested.
Hello there, I discovered your website by means of Google while looking for a comparable matter,
your web site came up, it seems to be good. I have bookmarked it in my google bookmarks.
Hello there, just became aware of your blog through Google, and located that it is truly informative.
I am gonna be careful for brussels. I will be grateful in case you proceed this in future.
A lot of people might be benefited from your
writing. Cheers!
Howdy! This is my first visit to your blog! We are a team of
volunteers and starting a new initiative in a community
in the same niche. Your blog provided us useful information to work on. You have done a marvellous job!
Superb, what a web site it is! This web site
provides valuable data to us, keep it up.
It’s in point of fact a nice and helpful piece of information. I’m glad that you shared this useful info with us.
Please stay us informed like this. Thank you
for sharing.
Cool blog! Is your theme custom made or did you download it from
somewhere? A theme like yours with a few simple adjustements would really make my blog stand out.
Please let me know where you got your theme.
Many thanks
When some one searches for his vital thing,
thus he/she wants to be available that in detail, therefore that thing
is maintained over here.
I’ll right away clutch your rss feed as I can’t to find your e-mail subscription link or e-newsletter service.
Do you’ve any? Kindly let me know so that I may just subscribe.
Thanks.