Legendary Homes Inc. Can Assist You in Your Modular Home Financing Woes
If you have been worrying about financing the construction of your modular home, you need not worry anymore. Legendary Homes Inc. in Michigan helps those in need of modular home financing along with Premiere Home Mortgage.
Modular Home Financing Process
The way a modular home is financed is in a two-part process. First, there is a construction loan. This loan is typically an interest only loan. This means that while you are in the construction phase you only pay interest on your loan, you do not have to pay down the principal amount. The amount of the loan you are paying interest on is the amount of money you have used, to date, from your loan to pay for your construction.
Choosing a General Contractor
Over the course of the project, you will spend a significant amount of time with your chosen general contractor, so it’s best to find someone you get along well with. A contractor or modular home builder that is a good fit to your project is a builder that is familiar with, and geared toward, building the type of home you are seeking to have built. If you want an entry level home for the best price possible, then a builder who usually builds very high end homes for people with unlimited budgets is probably not a great fit. Conversely, if you are seeking to have a complicated high end custom home built and require constant attention and unlimited options, you may not want to hire a builder who typically builds simple entry level homes. Good builders are flexible in what they can build, but it’s best to try to find a builder who regularly builds the type of home you want. This will help you get the best value combination in price, service, options, etc.
In the end, financing is financing, whether you are buying a conventional home, financing a stick built home, or financing a modular home construction project. That being said, borrowing large sums of money can be nerve-wracking. The process of getting approved for a loan can be anxiety provoking if you haven’t been through it before. Getting educated on the process makes everything easier to understand, easier to navigate, and easier to handle.
In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog