(Biloxi) Sun Herald, The - Modular homes coming
May 3, 2006 -- Southwind Homes LLC announced a new manufacturing plant Tuesday in Stone County that will build modular houses designed for workers rebuilding the Coast.
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This is an important step, one that is overlooked by many. Suggestion: know what you can afford before you spend countless hours looking at different models and floor plans. It is recommended contacting at least three different lenders. Find a lender you feel comfortable with, one who listens to you and offers practical alternatives for your particular situation.
This is the traditional method of construction financing that many lenders still offer today. A double-close CTP loan provides two separate loans: an interim interest-only. construction phase loan to build the home and then a new permanent, fully amortized mortgage when the home is completed. There are two applications - two sets of fees - two closings - two loans. There are few advantages to this loan type simply because it is more expensive than a single-close CTP loan.
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