I have spoken with 3.5 lenders about their construction-to-permanent loan programs (I'm only counting the yahoo at Citimortgage as 0.5 based on his abundance of enthusiasm). Each program offers pretty much the same flexibility and general logistics. Current rates for both the construction period and the permanent mortgage are all within 25 to 50 basis points of each other. And costs are what they are for this type of project. HOWEVER, all lenders want to charge origination fees! *Gasps*
Can someone shed some light on this for me? Granted, construction/perm loans are not your bread-and-butter refinance. But that aside, how, in today's lending environment, are two borrowers, contributing both equity and cash to the project, with 800 credit scores and documented income, expected to agree to an origination fee? I'm calling up The Badger.
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So what's this badger? The only one I can think of is .
HA! I love it! The "badger" was our foster dog, Maddie. I think it's in an earlier blog. We nicknamed her the badger after Tim's parent's Christmas visit. They brought their dog, Max. Maddie terrorized him the whole trip. She would hide in her crate, wait until he got close enough, run out "yelling" at him, and then run back into her crate. Poor, sweet, Max.
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