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Chris Esposito's Articles

  • How to Co-Sign for a Loan Without Hurting Yourself
    If you are considering co-signing for a loan to help out a close friend or family member, the best advice is to walk away. Don't do it. It could cause real harm to your credit score and to your qualification numbers when you need a mortgage yourself. But, if you must be a co-signor, then make sure you follow these simple rules to ensure it won't hurt you in the long run.
  • Are Mortgage Insurance Companies Affecting Your Owner Builder Construction Loan?
    An owner builder construction loan, just like any construction loan, will not have any mortgage insurance payments while you build. So, why is it then that mortgage insurance companies are having a huge impact on your ability as an owner builder to get a loan? The answer lies within the banks' rules for converting you to permanent financing once the home is built.
  • Having Your Loan Denied Due to Your Credit - Despite Having a Good Credit Score
    Everyone knows that you need to have a good credit score to get the best rates and terms on any loan, especially a mortgage. But, many people don't realize that their credit report can cause them to be denied financing, despite having a good credit score. It's more important than ever to understand your entire credit history - not just your credit score itself.
  • Five Creative Ways to Secure an Owner Builder Loan Without a Down Payment at Closing
    Owner builder construction loans, like the rest of the mortgage industry, have had to tighten their belts to survive in today's lending climate. For borrowers who wish to build their own homes, this translates into tougher guidelines to secure financing. However, there are still four creative ways that an owner builder has available to close on a construction loan without a down payment.
  • The Nine Basic Steps of the Owner Builder Construction Loan
    Owner builder construction gives you the chance to build your own home and earn a lot of instant sweat equity in the process. However, the loan process is more involved and time consuming than a simple purchase or refinance loan. If you are considering being an owner builder, understanding these nine basic steps will make the project financing and planning much smoother.
  • Fannie Mae and Freddie Mac: The Good, Bad and Ugly for Owner Builder Loans
    How will the government's bailout of Fannie Mae and Freddie Mac affect your ability to get an owner builder construction loan? Good owner builder loans are construction-to-permanent loans that let you wrap your permanent mortgage into the financing with the construction phase. This means that the Fannie and Freddie bailout will create some good and bad changes for you, the owner builder.
  • 20 Do's and Don'ts of Owner Builder Construction Loans
    If you are considering being an owner builder and managing the construction project without hiring a general contractor when you build your own home, then you need to go into the process as prepared as possible. These twenty tips will prove invaluable when shopping for and completing your owner builder construction loan.
  • How to Choose the Right Closing Agent for Your Owner Builder Loan
    Owner builder loans are more complicated than your standard refinance or purchase loans. Therefore, you will need to be more selective when hiring your closing agent. If you don't know how to choose the right closing agent for your owner builder construction loan, your project could be delayed significantly.
  • The 8 Benefits of Modular Construction that Every Owner Builder Needs to Know
    Owner builder construction is growing in popularity at a tremendous pace around the country as more and more people look to save money by building their own home. If you are considering being an owner builder to build your next house, then you need to know these 8 benefits of modular construction before you begin.
  • The Four Attributes of a Good Owner Builder - Your Construction Loan and Project Depends on Them
    Owner builder construction can save you 15% to 35% during the construction of your own home by cutting the costs of hiring a general contractor. However, if you don't take the planning and construction seriously, then you could end up losing a lot of money and your dream home. Therefore, you need to have these four attributes to be a successful owner builder.
  • Owner Builder Loans - Everything You Need to Know About Credit Scores
    Owner builder construction loans have not been immune from all of the recent changes in the mortgage industry. It's vital that you understand the most recent credit score guidelines that apply to most owner builder loan programs today. If you know these tips about your credit scores, it will make it that much easier to understand some of the nuances of your construction loan.
  • Understanding the Difference Between a Simple Purchase Loan and an Owner Builder Construction Loan
    An owner builder must understand that his construction loan will be different than a simple purchase or refinance mortgage. Understanding these differences allows you to plan for a very profitable project. However, an owner builder who does not account for the nuances of an owner builder construction loan as compared to a simpler mortgage is going to set himself up for failure from the start.
  • Why Should Customers Trust Your Online Company? Marketing Tips from Owner Builder Loans
    For small businesses, online marketing can be the primary means of finding new customers. But, potential customers have grown more skeptical of online companies as it has become almost too easy for anyone to maintain a website. Use these tips from successful online marketing of owner builder construction loans to design your business's website in such a way to build trust with your customers.
  • How to Botch a Home Loan Application: An Example from Owner Builder Construction Loans
    Home loan pre-approvals are supposed to be quick and easy, yet people constantly shoot themselves in the foot and cost themselves a lot of time and money. Learn from these examples from owner builder construction loans and apply the lessons to your mortgage loan application.

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