The dismal news headlines from coast to coast indicate that the housing market has yet to fully recover from its bursting bubble and the subprime lending fiasco of several years ago. While it’s no secret that housing has taken a beating in the last few years, that doesn’t mean it’s impossible to find construction financing to pay for your dream log home. “It is not harder to get a loan for a log home than it is for a conventionally constructed home,” says Troy …
The year 2011 will be critical for housing. It’s no secret that increases in unemployment claims and foreclosures have caused the economy to tumble over the latter half of the past decade, and housing, particularly new-construction starts, has endured the disconcerting aftermath of a lack of consumer confidence. However, the fourth quarter of 2010 brought with it a slight shift in the economic outlook, and, perhaps, hope. “We all recognize that over the past several years, the h…
For the average individual, buying or selling a home is an event that may occur only once or twice in a lifetime—particularly when the object of the transaction is a log home. The apparently daunting task of securing the best mortgage for the purchase of a log home requires an element of trust in the professionals who provide such services on a regular basis. Taking the mystery out of the mortgage is one of the primary responsibilities of the real estate …
Since the economic downturn of 2008 has persisted for more than three years, the log home lending landscape has been altered in numerous ways. Or has it? The days of easy money, 100 percent financing, and repayment terms that could best be described as liberal are essentially over. Although for many those were considered the good times, current market conditions signal, more than anything else, a return to the basic principles of purchasing real estate. Qualified purchasers can still re…
Before the saw connects with the wood, it is always good advice to measure twice and cut once. In other words, avoid those mistakes that cost time and money, and maybe worst of all, turn an otherwise pleasant experience into a frustrating ordeal. Designing and building that dream log home can be one of the most rewarding experiences of a lifetime. To be sure that the process flows smoothly from start to finish, it pays to listen to the voices of experience. Common miscues can lead to problems, and there…
You have dreamed about living in a log home for years. You have collected photos and stashed away log company floorplans and magazine clips. You’ve probably done a lot of the fun stuff, but have you thought about how you’re going to pay for this dream? If you are like most Americans, you will have to take out a mortgage to pay for your dream home. And, with a brand-new log home, you will also have to take out a loan to get it built. To be better prepared before yo…
While some economists continue to lament that one of the longest recessions in U.S. history persists, signs of recovery and a return to economic vitality are surely coming around. Despite a lingering concern for the future, those looking for the log home of a lifetime can take heart. Somewhat ironically, there may never be a better time to buy. The reasons for this sudden surge of opportunity are varied; however, the most dramatic lies in the price of money, the funding that makes a log home purchase po…
Q: If I have an existing log home mortgage, how can I determine whether refinancing is a good idea? A: Generally, if a borrower can save one percent on their interest rate it is worth paying the closing costs to refinance. Some lenders have options for “no closing cost” refinances, and borrowers may pay a slightly higher rate for that. Consider the amount of time you will continue to own the home. If you are going to be there long-term, pay the closing costs. I…
