No Closing Costs

When you apply for a new home loan with most banks and mortgage companies, they put you through a process where you are required to get a construction loan. This loan also includes closing costs, plus you have to pay interest on this loan while the builder builds your new home. The closing costs on the construction loan is sometimes in addition to closing costs on the permanent loan financing.

This can lead into a big amount of money. If you have this amount of money, well and fine, but most East Tennessee working married couples do not have this amount of money. You can well be talking $6000 to $15,000.00 where you are talking about closing costs, down payment, and interest while the builder builds, and additional closing costs on the permanent loan.