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Real Estate
Reply to "Building on your lot question"
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[quote=Anonymous]You don't keep the rate. You get a construction loan that upon completion dumps you into an arm or a fixed rate. You need to look at how much equity you have in your existing house/land. Do the math on what it costs per square foot for the new construction down the street, then meet with a few builders to see what they would charge per square feet to tear your existing house down and build. There are advantages to both ways, it's more what you prefer. We bought an old house in a prime area, lived in it for a few years then tour down and built a custom home. It was a lot of work picking everything out, but it is 'our' home with all decisions made by DH and me.[/quote]
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