Financing

Financing your home can be easier than you think. Bethel Point has a relationship with several lenders who can help.

Suggested Lenders

Community Life Mortgage
Community Trust Bank

Can I apply for a Conventional Mortgage?

Conventional mortgages are those mortgages that are “warranted” by Fannie Mae/Freddie Mac. Conventional mortgages are often referred to as a “saleable”, “warrantable” or “conventional” mortgage. When a mortgage is “saleable” a bank or broker can write a conventional mortgage and then easily sell that paper mortgage to another bank specializing in mortgages.

Condo communities are not warrantable until they are 75% complete. That is, all common area property must be complete and 75% of the homes must be closed.

Therefore, when applying for a conventional mortgage, please make certain your broker/processor understands that your home is a condominium that is “unwarrantable”.

What’s my alternative?

Most banks offer a certain number of their customers “portfolio” loans in the form of 3, 5, or 7 year ARM rates. When the community is 75% occupied, banks are eager to convert your mortgages to a fixed rate.

I’d rather work with my local banker.

Certainly you are welcome to work with whomever you wish to finance your home. Your early pre-approval letter simply means that you personally qualify for a loan, but it doesn’t guarantee that at the time of closing your bank will approve our community for this loan.

Don’t I need to sell my current home first?

Many buyers have been exactly where you are today! “I need to sell my home.” However, what most of them have realized is their life is simplified and their home is more presentable for selling when they move into their condominium and then sell their home.

How are they doing this? Most folks determine early on to use the equity in their current home to buy their new condominium. These loans are commonly used and are referred to as “swing loans” or “bridge loans”. Put your home to work for you – move in today!

Consider this: by moving into your home first you get the home you want, you begin living a carefree lifestyle sooner, and you clean out your years of possessions – making your home all that more appealing to buyers for a better price! A professional real estate agent will help you understand how fast homes in your neighborhood have sold so that you can move in with confidence.

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