Mortgage Lender Takes the Red Tape Out of Texas' Construction Loans
Dallas, Texas (PRWEB) March 09, 2016 -- The Mike Clover Group of Homewood Mortgage is now making it easy for Texans to finance their new construction home loans.
Working in conjunction with Construction Financial Services, The Mike Clover Group has put together a new loan package that cuts through the red tape usually associated with construction loans.
Unlike most lenders, they issue a pre-approval based on Loan to Value rather than Loan to Construction costs. This allows borrowers to use the equity they may already have in their land, and simplifies bookkeeping tasks for both the borrower and the builder. Value is determined by a preliminary appraisal based on plans, specifications, and current market values.
Borrowers are allowed to act as their own general contractor, and an unlimited number of draws can be paid either to the contractor or directly to suppliers and subcontractors.
The Mike Clover Group prides itself on speedy and outstanding customer service, and in fact has been featured in Texas Monthly Magazine for their outstanding service the last 3 years. They can typically have clients making draws on their construction loans within 30 days of application, as opposed to the typical 60-day wait.
When the home is completed and it's time for the permanent mortgage loan, they offer both low interest rates and minimal loan fees to clients all across Texas. With the high cost of homes on the ground in Texas currently, you could not pick a better time to build your own custom home with Homewood Mortgage, LLC.
For more information or for a no-obligation consultation, contact the Mike Clover Group at 1.800.223.7409
Mike Clover, Homewood Mortgage,LLC, http://www.mikeclover.com, +1 (800) 223-7409, [email protected]
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