Now If you’ve been looking for a great new construction house here in Chicago and maybe you’re starting to feeling like the market’s got away from you,
you’re going to want to listen to this, beacause I’m going to tell you how you can save a lot of money on a new construction home and you may qualify for a mortgage as low as 5 1/8 to 5 1/2%!
Now my new Book Don’t Buy a New House! BUILD IT Tells you why you should build your new house rather than buying one.
This is especially true now because there are so few new construction houses available and with the current economic crunch, supply is likely be even lower for the foreseeable future.
To me, the biggest thing is that you’ll be putting most of the builder’s profits in your pocket.
When a builder sells you a new house here in Chicago, they pay about 7% in closing costs right off the top. So for example, on a new $1.4M house, that’s almost $100,000 off the top.
Combine that 7% with a bit lower profit for the builder and you can easily be starting out with maybe 15% additional equity from the day you move in, Which is awesome, right?
Right now we have a great new home site available in East Bowmanville, which is a cool little enclave in the Northern part of Lincoln Square just west of Andersonville.
We have a few great plans you choose from.
But here’s the thing I really wanted to share today local lender Wintrust is now offering an incredible mortgage program designed to help make your project simple and affordable.
It’s called a Construction-to-Permanent loan and it allows you to lock in your mortgage rate up front and then your builder draws the funds for construction as the house goes up.
When the house is finished, you move in and your mortgage is already in place! no closing, no closing costs.
But check it out! Today’s (10/18) rates for a construction to permanent loan start at:
Only 5 1/8 % for a 5 year ARM and only 5 1/2% for a 10 year ARM.
Of course this is a borrower needs to qualify for these rates which depends on your credit and financials.
And I want to be clear, I am not a mortgage broker, nor am I affiliated with Wintrust in any way, but this is an incredible program!
If this sounds attractive to you, just DM or contact me for more info.
