We strongly
recommend working with an Outer Banks mortgage lender that specializes in vacation
home lending. They may also handle site inspections, saving you third party
inspection charges and valuable time. A local lender can cut a draw check for
your builder immediately and deposit those funds directly to the specified
account on the same day. We are happy to refer you to an experienced Outer Banks
lender and explore these options:
Conventional Fixed Rate Mortgage
This traditional
mortgage offers fixed-rate interest for the life of the loan and equal payments,
from the first payment to the last.
Adjustable Rate Mortgage
An adjustable rate mortgage
(ARM) features a lower initial interest rate, which means lower monthly payments
in the early years. For many borrowers, it also offers an opportunity to qualify
for a higher loan amount.
Jumbo Mortgage
Created primarily for higher-priced
properties (generally $300,000 and up), jumbo mortgages require limited
documentation for qualified buyers. In these cases you may not be required to
substantiate rental projections or verify income. The loans are generally
available at a slightly higher interest because of the level of risk, but they
are more easily qualified for those that meet the requirements.
Construction to Permanent Loan
If you are building a
primary residence or second home, you can obtain the construction loan and
permanent financing in a single package with just one closing.
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