Wee Financing

I emailed with the wee people last week with some basic questions about paying for our wee. Here is the resonse I received specifically regarding wee financing:

"In terms of financing we have been working with Scott Gooder at Land
Home 1.800.338.1910 ext. 506, or you can ask your local lender about
systems-built or factory-built modular financing. I believe some of our
clients have also gone through Indymac and M&T Mortgage.

There are basically two approaches:

The most-common financing is the construction-to-permanent loan, which converts to a conventional mortgage once your home is completed. This type of loan has an advantage: You face only one closing process and one set of fees. But the loan often comes with fewer repayment options than a conventional mortgage.

Another choice is to start with a construction-only loan and then get a loan with different terms after the construction is finished. Interest rates will be about the same as for a construction-to-permanent loan. This process adds fees and a second closing, but you may get better loan features because you will be able to shop for your mortgage from any bank instead of just the construction-loan specialist."