Taking on projects that save money may be an option for homeowners with some log and timber building projects. When the log or timber home they have always wanted begins to take shape, some homeowners bring their own personal skills to the project, pitching in with...
For many log home owners, the most daunting task in completing the purchase or construction of their ideal residence is dealing with financing. Although economic pressures have weighed on the market and banks have often been described as reluctant to lend, even during the best of times obtaining a loan for a log home requires planning, patience, and understanding of the necessary steps. While the processes of financing conventional and log homes share similarities, securing a loan for a log home has som…
No segment of the U.S. economy has been so battered and bruised by the prolonged recession as the housing industry. Today, however, leading indicators show positive trends. Along with the housing recovery, the Federal government has mandated new mortgage financing rules that take effect through 2013 and beyond. Building or buying any home now involves revised guidelines that touch nearly every aspect of the financing process, including appraisals, disclosures of terms, closing costs, and qualifying fina…
For many log home owners, the most daunting task in completing the purchase or construction of their ideal residence is dealing with financing. Although economic pressures have weighed on the market and banks have often been described as reluctant to lend, even during the best of times obtaining a loan for a log home requires planning, patience, and understanding of the necessary steps. While the processes of financing conventional and log homes share similariti…
A myriad of decisions have to be made to bring the dream of a log, timber, or hybrid home to life. Style, floorplan, amenities, and location are a few that come readily to mind. The most challenging for many homeowners, however, comes down to the money. Financing a log or timber home holds a degree of mystery, an element of the unknown, and often enough it is a topic of real concern. Certain misconceptions and downright myths persist that financing of a specialty home is more difficult than financ…
Keeping up with market trends, making the most of your money, and financing the log or timber frame home you have always wanted may seem more challenging than ever in 2015. In reality, there is no time like the present to make log and timber home dreams come true. Several key elements influence home financing today, and these are basic, even during times of economic instability that are hopefully in the rear view mirror for both businesses and consumers. First, work with professional…
It’s no secret that securing a loan for any purchase has gotten a bit more complicated. Where just a few years ago lenders were willing to shell out big bucks to pretty much any credit-worthy individual, the real estate market slide, sub-prime lending issues, and the credit crunch have made getting a loan a bit more difficult. Factor in the notion that a log home is usually considered a “nontraditional” property, by lending standards, and it’s easy to see the value of a well-researched financing strateg…
Whether they know it or not, today’s home buyers have an array of options when it comes to mortgages. Despite the doom-and-gloom news surrounding the lending industry, Baby Boomers looking to build log homes where they will retire in the future still have choices, says Greg Ebersole, a loan officer with Graystone Mortgage in Mountville, Pennsylvania. “The media tends to play up the fact that it’s difficult to get a mortgage, but in reality it’s no harder th…
For many log, timber frame, or hybrid homeowners, the most daunting task in completing the purchase or construction of their ideal residence is dealing with financing. Although economic pressures have weighed on the market and banks have often been described as reluctant to lend, even during the best of times obtaining a loan for a log, timber frame, or hybrid home requires planning, patience, and understanding of the necessary steps. While the processes of financing conventional a…
Whether you are interested in building the log or timber home you have always wanted or purchasing an existing home, financing is often the most challenging aspect of the experience. The landscape for borrowers and lenders appears to be continually changing, particularly in the wake of the prolonged recession that gripped the global economy for years. But don’t despair! Financing is available for both construction and purchases. Interest rates are reasonable and remain stead…
For those who embark on the journey of building the log or timber home they have always wanted, one point become clear early in the process. The dream may be realized only within the boundaries of what the budget will bear. Finding the necessary balance between building and budget is a curious combination of art and science, aspiration and reality. Taking some time to consider the parameters that must guide the building process reduces stress while saving later effort and money. “W…
Establishing a realistic budget may well be the most critical element in the successful financing of a log home construction project. Determining the overall cost of construction and any necessary financing simplifies the entire experience. A cost estimate and detailed budget include the anticipated expenses for major items such as the logs themselves right down to the types of light fixtures that are to be installed and the nails that hold the structure together. “Work on collecting data,” urges Andy W…
