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Financial Model For Real Estate (Construction Loan With Refinance)
Team Icrest    

Type of Business :

Real Estate Financial Models

Price : USD 152.15 179.00

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  • Short Description

    The model explains the process and the cost involved in the case of a Construction Loan with Refinance. A construction loan is a short-term loan that covers only the costs of custom home building. Once the home is built, the prospective occupant must apply for a mortgage to pay for the completed home. This type of loan is short-term and is usually issued for a year. It’s meant to cover only the actual construction period.

  • Full Description

    A construction loan is a short-term loan that covers only the costs of custom home building. Once the home is built, the prospective occupant must apply for a mortgage to pay for the completed home.
    However, there are several other loans available when it comes to home building, from ground-up building to completely gutting a current home so you can renovate. So, whether you have a plot of land and need to start from scratch, have a teardown situation where the current home has no redeeming value in your eyes, or want to keep the bones of the structure but change pretty much everything on the inside, there’s likely a loan out there that’s right for you.
    Renovation loans, also known as 203(k) loans, can be used for home renovation and are insured by the Federal Housing Administration (FHA). Rocket Mortgage® doesn’t offer this type of loan. This allows borrowers to both purchases and renovates their new home while still making one monthly payment to cover both costs. Conventional loan borrowers may qualify for these loans through Fannie Mae (HomeStyle Renovation) and Freddie Mac (CHOICE Renovation).
    Rocket Mortgage® does offer a cash-out refinance, which can be a different path to getting home renovations done. With a cash-out refinance, you take a portion of your equity and add what you've taken out onto your new mortgage principal. Other options include a home equity loan or a home equity line of credit (HELOC). No matter what you want to change about your home, there are plenty of options to get the financing you need to start swinging that sledgehammer.

  • Table of Content
    No. Content
    1 Table Of Contents
    2 Dashboard
    3 Assumptions
    4 Construction Budget
    5 Interest Reserve
    6 Monthly Cashflows
    7 Cashflows
    8 Investment Returns
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