interest rates.

Posted by Slofr8 on May 10, 2004 at 18:14:03 from (12.149.234.226):

Hi everyone,
I thought I'd post here and see what I get.
We have about 55 acres that we intend to build on. After looking at the price of materials lately we looked into prefabs. It seems they are way more expensive then they used to be. Selling the land is not an option for me.
We don't owe on the house we're in now and decided I could have a foundation done, well and sewer done, and frame the house this summer and I would work on it as time and money permits.
Went to see about financing. Figured 75,000 plus money saved plus equity in our existing home would get us well on our way. Here is the question.
Construction loans:
~Credit Union - 750 closing cost, 5% interest locked for 3 yrs. At that point we would refinance at the current rates.
~Savings and Loan - 2,500 closing cost plus .5% of loan. (750) at 6.5% locked for 20 yrs.

I realize nobody has a crystal ball but what do you think? If rates don't sky rocket I'm ahead with the 5% loan. In the case of steep hikes than the 6.5% for 20 yrs. would be a better choice. I guess it depends on what Mr. Greenspan does after the elections.
Thanks for your views.
Dan

Follow Ups:

• Re: interest rates. russ hamm 17:31:56 05/26/04 (1)
  • Re: Re: interest rates. Slofr8 19:10:43 06/02/04 (0)

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