Times Keep Changing - Deeds

Historically, residential home transactions have been conveyed with a Warranty Deed (or sometimes called a General Warranty Deed). With the amount of foreclosures that have prevailed in the last couple years, Special Warranty Deeds (or sometimes called Limited Warranty Deeds) are becoming more common.

A general warranty deed is a promise to the buyer that the seller will warranty any prior problems with title, not just during the seller's ownership, but back along the chain of ownership. It will warrant that the seller owns the property, has the legal right to convey the property, is conveying clear title except those items specified as exceptions in the deed, promises to obtain whatever is needed to make the title good, guarantees the title is superior to any other, and will defend the title against lawful claims and compensate you for any loss from a title failure. This warranty will go back in the chain of title as well as forward.

A special warranty deed, on the other hand, limits the seller's promise (warranty) to title problems that come up while the seller owned the property, but gives no warranty for problems prior to that point. For instance, foreclosure property is an example where you often see special warranty deeds. Banks have no close relationship to the property and often don't want to promise anything about the condition of title before they acquired the property through foreclosure.

Quit Claim Deeds are another type of deed. They provide the buyer with no warranties and conveys only the interest the seller holds when the deed is delivered. Often this type of deed is used when property is conveyed between family members, for example. Consult with an attorney or someone familiar with property conveying before accepting a Quit Claim Deed for a property you are purchasing.

Title insurance is one way to insure the buyer of many of the issues that may surface after property has been conveyed. It will insure the buyer against past ownership problems, old liens, boundary issues, etc.... There may be exceptions in the title insurance policy, and owners should know what their exceptions are. Title companies won't insure against problems that they make exceptions to, so know what they are. Otherwise, unless they make certain exceptions, other past title issues will be covered. Often, a home is the largest purchase you will make. Make certain you are speaking with people that will guide you through the whole process so you clearly understand all the pieces of this purchase.

We can assist you with building a home, obtaining a loan for either construction or the final purchase of a home. Give us a call at 763-784-3400 or visit our website at http://www.contractorscapital.com/ for more information.

Never a Better Time to Buy or Build

In Minneapolis, we just had a blizzard and it’s below zero as I write this; however, it still may be the best time to purchase or build your next home. Interest rates are at all time lows, affordability is at a all time high, and there are numerous willing sellers to accommodate. Considering that the process from offer to closing takes between 60-120 days (especially if you choose to build) your move in date could be in the bright spring sunshine. Contractors Capital offers full service customer service from finding a house or lot to helping you with the building procedures and completing your loan process. Don’t wait, call CCC and ask for one of friendly loan officers at 763-784-3400 or visit our website at www.contractorscapital.com.

Home Buyer Tax Credit Has Been Extended

Have you heard the good news? The first-time homebuyer tax credit was scheduled to expire on December 1, 2009, but it has been extended! Now is the perfect time to act! This credit now allows first-time buyers to claim 10% of the purchase price of their home, up to $8,000 if they close on the purchase by June 30, 2010. You must be locked into a contract prior to April 30th to take advantage of these savings!

The extension also now allows for those with incomes up to $125,000 filing individually or $225,000 for taxpayers filing jointly. The credit reduces for those making up to $145,000 individually or $245,000 if filing jointly. It also allows for taxpayers who have lived in their home for five consecutive years to qualify for a reduced credit of up to $6,500 if filing jointly. Still not sure if this is the right time to buy?

Want even better news? Minneapolis area home prices improved by 3.2% from July to August, according to S&P/Case-Schiller Home Price Indexes. That means that the Minneapolis area home prices improved more than any other metro area in the index. Don’t miss out on your chance to take advantage of these unprecedented savings!

Call one of our qualified loan officers now at 763-784-3400 to find out if you qualify for any of our amazing programs and start saving today or visit us online at www.contractorscapital.com.

Home Buyer Tax Credit Extension

First-time homebuyer tax credit was extended until April 30, 2010. The extension is part of a $24B economic stimulus bill that will extend the $8,000 tax credit for homebuyers who are purchasing their first home from a current November 30 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate.

There are too many details that apply to the homebuyer tax credit expansion to list.

Please inquire within Contractors Capital at 763-784-3400 or consult with your tax advisor…
Please visit our website at www.contractorscapital.com

Did You Know? Considerations for New Home Purchases

There are several factors to consider in determining the affordability of your potential home purchase. The first is, of course, the actual price of the home itself; however you should also consider any repairs needed prior to occupancy, unfinished work still to be done before the home is to your standards and any future improvements that you think will have to be done within the next five years. The second factor to consider is the interest rate charged by the bank. This factor seems to be simple but one must consider whether the loan is a fixed rate mortgage or an adjustable rate mortgage. You must also consider whether or not the bank is going to charge PMI insurance as this adds an additional monthly expense to your potential payment. If the loan is an adjustable mortgage there are several factors to consider including the index, the margin, and the frequency of adjustments. Another affordability factor is your current and future job salary and job security. Are you anticipating any increases in pay, any bonus anticipated, are you going to be receiving commissions. On the other hand you must also take into consideration your long term employment possibilities.

Currently, houses are priced at historic low prices and interest rates are very favorable. This may be a great time for you to purchase the home of your dreams. If it is, please contact one of our qualified loan officers for further information on affordability and for all of your mortgage questions at 763-784-3400 or visit our website at www.contractorscapital.com.

Home Safety Tips

Here are some tips for homeowners:

Purchase a smoke detector if you do not have one. Smoke detectors are inexpensive and are required by law in many localities. Check local codes and regulations before you buy your smoke detector because some codes require specific types of detectors. They provide an early warning which is critical because the longer the delay, the deadlier the consequences. Read the instructions that come with the detector for advice on the best place to install it. At a minimum, detectors should be located near bedrooms and
one on every floor. Follow the manufacturer's instructions for proper maintenance. Never disconnect a detector. Consider relocating the detector rather than disconnecting it if it is subject to nuisance alarms, e.g. from cooking. Replace the battery annually, or when a "chirping" sound is heard.

Be sure that the chimney and stovepipe were installed correctly in accordance with the manufacturer's recommendations and local codes. If there is any doubt, a building inspector or fire official can determine whether the system is properly installed. Minimize creosote formation by using proper stove size and avoiding use of low damper settings for
extended periods of time. Have the chimney checked and cleaned routinely by a chimney "sweep" at least once a year. Inspect it frequently, as often as twice a month if necessary, and clean when a creosote buildup is noted.

Never use charcoal to cook or provide heat inside enclosed areas such as tents, campers, vans, cars, trucks, homes, garages, or mobile homes because the carbon monoxide can kill you.

Establish advanced family planning for escape. It is an important partner with smoke detectors and it will prepare you for a fire emergency.

Arrange furniture so that outlets are available for lamps and appliances without the use of extension cords. If you must use an extension cord, place it on the floor against a wall where people cannot trip over it. Remove cords from under furniture or carpeting. Replace damaged or frayed cords. If the rating on the cord is exceeded because of the power requirements of one or more appliances being used on the cord, change the cord to a higher rated one or unplug some appliances.

Remove rugs and runners that tend to slide. Apply double-faced adhesive carpet tape or rubber matting to the backs of rugs and runners. Purchase rugs with slip-resistant backing. Over time, adhesive on tape can wear away. Rugs with slip-resistant backing also become less effective as they are washed.

Telephone numbers for the Police, Fire Department, and local Poison Control Center, along with a neighbor's number, should be readily available. Write the numbers in large print and tape them to the phone, or place them near the phone where they can be seen easily.

Have at least one telephone located where it would be accessible in the event of an accident which leaves you unable to stand.

Unusually warm or hot outlets or switches may indicate that an unsafe wiring condition exists. Unplug cords from outlets and do not use the switches. Have an electrician check the wiring as soon as possible.

Unvented heaters should be used with room doors open or window slightly open to provide ventilation. The correct fuel, as recommended by the manufacturer, should always be used. Vented heaters should have proper venting, and the venting system should be checked frequently. Improper venting is the most frequent cause of carbon monoxide poisoning, and older consumers are at special risk.

If you don't have a step stool, consider buying one. Choose one with a handrail that you can hold onto while standing on the top step. Before climbing on any step stool, make sure it is fully opened and stable. Tighten screws and braces on the step stool. Discard step stools with broken parts.

For all stairways, check lighting, handrails, and the condition of the steps and coverings. Stairs should be lighted so that each step, particularly the step edges, can be clearly seen while going up and down stairs. Consider refinishing or replacing worn treads, or replacing worn carpeting. Worn or torn coverings or nails sticking out from coverings could snag your foot or cause you to trip. The lighting should not produce glare or shadows along the stairway. You should be able to turn on the lights before you use the
stairway from either end. If no other light is available, keep an operating flashlight in a convenient location at the top and bottom of the stairs.

People can trip over objects left on stairs, particularly in the event of an emergency or fire. Remove all objects from the stairway.

Lead-based paint is a major source of lead poisoning for children and can also affect adults. In children, lead poisoning can cause irreversible brain damage and can impair mental functioning. In adults, it can cause irritability, poor muscle coordination, and nerve damage to the sense organs and nerves controlling the body. If you have lead-based paint, you should take steps to reduce your exposure to lead. Avoid activities that will
disturb or damage lead-based paint and create dust. Contact your state and local health departments' lead poisoning prevention programs and housing authorities for information about testing labs and contractors who can safely remove lead-based paint.

Your home might have plumbing with lead or lead solder. Call your local health department or water supplier to find out about testing your water. You cannot see, smell, or taste lead, and boiling your water will not get rid of lead. If you think your plumbing might have lead in it, use only cold water for drinking and cooking. Run water for 15 to 30 seconds before drinking it, especially if you have not used your water for a few hours.

Regularly have a professional check your spa or hot tub and make sure it is in good, safe working condition, and that drain covers are in place and not cracked or missing. Check the drain covers yourself throughout the year. Know where the cut-off switch for your pump is so you can turn it off in an emergency. Be aware that consuming alcohol while using a spa could lead to drowning. Keep the temperature of the water in the spa at 104 degrees Fahrenheit or below.

If possible, change the water in your room humidifier daily. Empty the tank before you fill it. Clean your room humidifier well and often during the heating season. Be sure to unplug the humidifier before cleaning. Follow the manufacturer's suggested cleaning methods. If chlorine bleach or other cleaning product or disinfectant is used, make sure to rinse the tank well to avoid breathing harmful chemicals.
Operate portable electric heaters away from combustible materials. Do not place heaters where towels or the like could fall on the appliance and trigger a fire. Avoid using extension cords unless absolutely necessary. If you must use an extension cord with your electric heater, make sure it is marked with a power rating at least as high as that of the heater itself. Keep the cord stretched out. Do not permit the cord to become buried under carpeting or rugs. Do not place anything on top of the cord. Never place
heaters on cabinets, tables, furniture or the like. Never use heaters to dry
wearing apparel or shoes.

Always check to see that cigarettes are extinguished before emptying ashtrays. Stubs that are still burning can ignite trash.

Look for furniture designed to reduce the likelihood of furniture fire from cigarettes. Much of the furniture manufactured today has significantly greater resistance to ignition by cigarettes than upholstered furniture manufactured 10 to 15 years ago. This is particularly true of furniture manufactured to comply with the requirements of the Upholstered
Furniture Action Council's (UFAC) Voluntary Action Program. Such upholstered furniture may be identified by the gold colored tag on the furniture item.

The legend on the front of the tag in red letters states -- "Important Consumer Safety Information from UFAC."

Always check the furniture where smokers have been sitting for improperly discarded smoking materials. Ashes and lighted cigarettes can fall unnoticed behind or between cushions or under furniture.

Do not place or leave ashtrays on the arms of chairs where they can be knocked off.

Consider fabrics such as 100 percent polyester, nylon, wool and silk that are difficult to ignite and tend to self extinguish. Consider purchasing garments that can be removed without having to pull them over the head. Clothes that are easily removed can help prevent serious burns. If a garment can be quickly stripped off when it catches fire, injury will be far less severe or avoided altogether.

Please contact Contractors Capital Corporation with any questions you may have if you are renting and looking to buy or build or have sold your home and would like to purchase one of our bank owned properties, build your own home, or work with one of our builders to build your own home. Contact us at 763-784-3400 or visit our website at www.contractorscapital.com.

House Maintenance Tips

Just like a car and oil changes, there are things you should maintain in your home regulary. Here is a list of a few of those things to post as a reminder.

Every couple months:
Clean/replace your furnace filter / A/C filter
Clean and check your ventilation system

Winter:
Clear snow from air intakes, exhaust areas, and meters
Remove snow build-up to prevent ice dams
Check humidity levels to prevent excessive moisture
Clean/check sump pump basket
Clean range hood filter
Inspect pressure and temperature valve on water heater
Clear faucet aerators and turn infrequently used faucets on
Put water in floor drain to maintain the traps water barrier

Spring:
Check/clean gutters and downspouts
Inspect basement/crawl space for seepage/leakage
Check ground settling after the spring thaw
Check and repair any window screen damage
Adjust thermostat for seasonal temperature change
Adjust humidifier (if you have one) for seasonal temperature changeOpen valve to outside hose connection

Summer:
Check, clean A/C unit & system and clear air intakes, exhaust, unit of any debris
Check/clean gutters and downspouts
Air out damp spaces with fans or dehumidifier
Seal coat and repair asphalt driveway if needed

Fall:
Inspect pressure and temperature valve on water heater
Adjust thermostat for seasonal temperature change
Check - smoke detectors, fire extinguisher, door & window locks
Clean dryer vent
Winterize irrigation system
Close valve to outside hose connection
Check exhaust fans
Check doors for adjustments in thesholds

New Home Before the $8000 Tax Credit Expires

Are you tired of hearing about the housing economy and downturn? Well, take heart. Change is on the horizon, and you’re the driver. Our aim and goal is to provide you with the financing you need in a troubled time; and answers to your unanswered questions.

Don’t hesitate to call. We are here to help you, our customers, find, build or purchase the home of your dreams. With winter coming up and thoughts of nestling next to the fire; perhaps you could envision yourself next to that fireplace.

We have vacant lots you could build your dream home on; newly built foreclosed homes which are available to you thru a couple of financial options which are at hand; and even rental properties to reside in or to purchase for an investment. If you haven’t had an opportunity yet, please check out our website: www.contractorscapital.com to view the property and lots that are just waiting for you.

Don’t wait too long to make the decision. The deadline for the $8,000 tax credit is approaching quickly.

Contact Contractors Capital Corporation if you have any questions, suggestions, or ideas at 763-784-3400.

Making Home Affordable

The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.

Our consumer website, www.MakingHomeAffordable.gov, provides homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration's program. Through this website, borrowers can also connect with free counseling resources to help with outstanding questions; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer as well as FAQs from borrowers in similar circumstances; and much more.

If you find you qualify, we can assist with finding a lender that will offer the rates/terms that will make your refinance possible. Please contact us for more information at www.contractorscapital.com or call us a 763-784-3400.

Time is Running Out!

Time is running out for first time home buyers (those who haven’t owned a home in the past 3 years) if they want to take advantage of the $8,000 tax credit. The deadline is November 30, 2009. If you want to get the credit you may want to look at repossessed or foreclosed homes vs. short sales as a short sale will most likely take too long to close and you’ll miss your opportunity to get the tax credit.
Contractors Capital has homes for sale (click on the “foreclosed homes for sale button” on the home page) and since we are the bank holding the title on the homes there IS time to execute the closing so you can take advantage of the $8,000 tax credit. We also have homes for rent, rental properties available for investment purchase and some of the homes can be purchased on a contract for deed. Please give us a call at 763-784-3400 or 651-289-6400 for more information or visit our website at www.contractorscapital.com.

Credit Scores

Your credit score is one of the most important numbers you'll carry through life. This score determines whether your application for a credit card, auto loan or mortgage is approved or rejected. Insurers use it to set premiums, and employers look at it when you apply for a job. There are no shortcuts to improve a less-than-stellar credit score.

Here are 7 moves to improve your credit score:

1. Correct any errors on your credit reports. Order free copies of your credit reports from Annualcreditreport.com and read them thoroughly to find errors. Removing inaccurate information can give your credit score a bump in about 30 days and costs nothing but postage. Just mark up your credit report with the errors you found, write a letter that explains the problems and ask the credit bureau to investigate.

2. Pay all of your bills on time

3. Use every credit card you have. Credit cards that never see the light of a cash register don't contribute to your payment history. Rotating charges among all your cards, and making all of the payments on time, can build a good payment history more quickly.

4. Pay down credit card balances. Try to keep your debt-to-available-credit ratio below 50% on every card.

5. Don't apply for credit on a whim.

6. Ask to have a repaid debt taken off your credit history.

7. Become a cosigner on an established credit card.

Less that stellar credit at the moment and looking for a home? Give us a call at 763-784-3400 or visit our website at www.contractorscapital.com. We can help.

Today's Rates

It’s still a good time to build your own home to take advantage of the low rates! Rates for 30-year home loans were unchanged this week and remain close to record-low levels.
The average rate for a 30-year fixed mortgage was 5.04 percent, the same as a week earlier, mortgage company Freddie Mac said Thursday. Rates, while above the record low of 4.78 percent hit in the spring, are still attractive for people looking to buy a home or refinance. Applications for home loans rose nearly 13 percent last week from a week earlier as refinancing applications surged, the Mortgage Bankers Association said Wednesday.
Loan type -- Today -- Last week
30-year fixed -- 5.25% -- 5.20%
15-year fixed -- 4.67% -- 4.66%
30-year fixed jumbo-- 6.20% -- 6.18%
5/1 ARM -- 4.29% -- 4.30%
7/1 ARM -- 4.80% -- 4.81%

Questions? Contact us at: http://www.contractorscapital.com or 763-784-3400

Winterizing Your Home

Well, today is the first day of fall. With winter right around the corner, here are a few tips to help winterize your home. A cap on your chimney will prevent birds or small animals from entering it and possibly blocking the exhaust from getting out which could lead to a build up of carbon monoxide. Clean out the gutters to avoid build up of debris and ice which could lead to damage. Check all windows and doors and repair any damaged weather stripping. By doing this it keeps drafts out and keeps heat in which will lead to lower heating bills. Make sure you blow out your sprinkler systems and don’t forget to drain and store garden hoses and also drain external taps and external pipes. You may also want to have someone give your furnace a tune up to make sure it is running at peak efficiency. Lastly, make sure you have a clean filter in your furnace. Taking the time to do these few preventative things each fall could save you time and money in fixing a problem later. This advice from Contractors Capital Corporation. Please visit us at www.contractorscapital.com.

Contract for Deeds on Lots

With many lots at 50-75% off their peak prices, now is a great time to reserve your lot for future building before prices go up. At Contractors Capital Corporation we have many lots available. We offer Contract for Deeds on lots at low interest rates with as little as 3% down. Look at our lot inventory and see if one is right for you. Don’t miss this once in a lifetime pricing even if you don’t plan to build immediately. Contact Ryan or Jerry at 763-784-3400 or visit our website at www.contractorscapital.com for more details.

Landlords in Foreclosure

According to the National Low-Income Housing Coalition, one in five homes in foreclosure nationwide is occupied by a tenant. What is becoming a common theme throughtout the country and locally is about landlords in foreclosure and the tenants are shocked when the find they need to move, often quickly. If you are the one in five tenants that have found yourself in the position of having to move, we can help. We have houses and townhomes in a variety of cities in the metro area, many available immediately. Please call us at 763-784-3400 or visit our website at www.contractorscapital.com for more information.

Experience Does Matter

Contractors Capital Corporation is proud of its history and excited about their future. Over the last 10+ years we have grown to be a major player in the construction finance business. Contractors Capital is probably the most diverse lending company in the whole state. Not only can we help you with your construction financing, but also assist you in the actual construction of your home and the end financing as well - the whole process. Our staff consists of bankers, builders, realtors, accountants, and other professionals that can make your construction process seamless and enjoyable. With our experience, expertise, background and education we feel that your best decision would be to call one of our competent loan officers to assist you with your construction finance needs. Our offices are located both in the north metro and south metro for your convenience. Please call on us at 763-784-3400 or visit our website at www.contractorscapital.com.

Credit Restoration

In today’s most challenging economic conditions credit sometimes gets tarnished. Good people with good intentions sometimes end up with marks on their credit that hamper their ability to obtain mortgage financing. We at Contractors Capital realize that, and have the staff, the expertise and the knowledge to work with our clients to restore their credit. Our trained professionals can work parallel with our clients, their creditors and the credit bureau to resolve unsettled issues and to help replace, and in some cases remove negative items. We are proud of our credit restoration department and encourage you to call us for your credit repair concerns.
Please contact us at 763-784-3400 or www.contractorscapital.com

Plan on Moving? Options to Consider.

How often do people move? In the US, the national average as tracked by the National Association of Realtors is every 7 years although it varies from region to region somewhat.

If you are you thinking of moving into a house, building a house, buying a lot now and building later, being your own General Contractor, buying investment property, renting a townhome or house, buying either a townhouse or home on a rent to own program, we would like to talk to you. We sell our lots, homes, condominiums and townhomes on a Contract for Deed and also offer other creative financing options.

So if moving is in your future, whether it’s this year or in a few years, please consider speaking with one of our loan officers to discuss your plans. Contractors Capital Corporation is the only place you need to look. We feel we are unique for so many reasons including our outstanding customer service and creative financing ideas. Our experienced and competent staff will work tirelessly with you to make sure you are matched with the program that is exactly right for you. Once you are a customer you can be confident we will continue to service your account as if you are the only one we have.

For more information, please contact us at 763-784-3400 or www.contractorscapital.com.

Contractors Capital Home Purchase Options

There are several different approaches to owning a home in the current market and we can help with them all. Depending on how much time you want to put into a home purchasing project determines which route may be the best option for you.

If you want to move in quickly and not wait the time period to have a home built, you may want to look at existing homes. We have several bank owned homes and townhomes available and also have direct contacts with many of the builders in the area that have model homes to sell for very discounted prices.

If you have a little more time to make the move and would like something more customized, we have a many builders that we have worked with for over 10 years. We can help pair you up with a contractor that would be able to design a home of your ideas and values. You pick out your selections and the builder handles the process and timetables.

Another option offered by Contractors Capital Corporation is the self-build/owner-builder program. If you want complete control over building your new home, this is the way to go. You can manage the process as your own general contractor. Pick the subcontractors, build some immediate equity, do some of the work yourself if you choose and save on contractor fees. In the end, you have the house of your choice at a lower price.

With any of the options above, we can assist you with the whole process including finding permanent financing for your new home. Please give us a call at 763-784-3400 or visit our website at www.contractorscapital.com for more information.

Twin Cities Housing Market

The July numbers are in……There were 5,174 signed purchase agreements last month in the Twin Cities. This is up 16.0 percent from July 2008. New listings in July were 7,669 which is the lowest July output since 2002. Sales have grown and new listings have slowed. As of August 1, there were 25,862 homes for sale in the region, down 21.6 percent from a year ago. Buyer activity is strong in the Twin Cities.

At Contractors Capital, we can help you with all your loan needs. If you are ready to buy, we can help. Please contact us at 763-784-3400 or visit our website at www.contractorscapital.com for more information.

Our Services

Contractors Capital Corporation is run by a team that has been intimately involved with the construction and lending industries for over 40 years. While we historically specialized in construction financing to the residential builders in the Minneapolis/St. Paul metro area, due to the ever-changing economic times, we have expanded our vision and programs.

In addition to construction lending, we offer an array of different options. Two of our personnel carry a builder's license giving us the ability to work with people that prefer to save some money and build their own home through our owner-builder program. We also have homes available for rent or for sale on a contract for deed. We have both homes and land available for purchase at greatly reduced prices.

Wherever you are in your search for a new home, we can help. Please contact us at 763-784-3400 and speak with a loan officer or visit our website at www.contractorscapital.com for more information.

Timing the Market

Do not try and time the market when considering purchasing your home for the future. Land is at rock bottom prices, new construction inventory levels have declined substantially, cost to build is down and interest rates are still at historic proportions. Take advantage of the times – Contractors Capital can assist you in your build, work with your designated builder or find a builder to fit your needs. Contact any of our loan officers for more information. 763-784-3400 or visit our website at www.contractorscapital.com.

Contracts for Deed

Looking for a home to purchase but not quite in position to obtain permanent financing just now? A contract for deed might be the option for you. We have a selection of homes available on our website or you can speak with any of our loan officers. In addition to our bank owned properties, we have several builders with which we do business and many have homes available for purchase on a contract for deed. Any of our loan officers can assist in finding you a home in an area of your choice ~ with a builders home or ours. Please contact us at 763-784-3400 for more information or visit our website at www.contractorscapital.com

Choosing a lender

Most of us only buy a small number of homes in our lifetime. With limited experience in real estate we need to make sound decisions. Selecting your lending company will be one of your most important decisions when you purchase or construct your home. You should be aware that there is a difference in lenders and there are questions to ask them. Your lender needs to live up to your standards in quality, price, and customer assistance. Below are a few questions you should ask your lender.

1 Is your lender a cash or collateral lender?
2 What are the lenders process and procedures?
3 Are loan approvals done in house and locally?
4 What documents are required at application?
5 What is the current interest rate?
6 Are there any maturity fees if the loan needs to be extended?
7 Is the loan rate fixed or is it variable?
8 What additional documents are necessary for the closing?
9 What time frame can be expected for the approval process?
10 What are the up front fees in the loan process?

There are plenty of good reliable lenders in the area and we feel that Contractors Capital is the leader. Please call one of our competent loan officers to answer all of your questions at 763-784-3400 or visit our website at www.contractorscapital.com.

Houses Still Available

Whether you are looking to buy or rent, we still have a number of homes, townhomes, and condos available all over the Twin Cities! Take a look at our available properties on the main page of our website. Many of them have flexible seller financing. The majority of our homes are new construction, never lived in homes. The application process is easy, fast, and hassle free. If you don’t see anything that is on our site that works, keep checking. Our inventory changes daily with new houses and current renters moving out. Our property list is updated once a week. Please call Brandon with any questions you may have. 763 784 3400 or visit our website at www.contractorscapital.com.

Happy Anniversary to CCC!

Contractors Capital Corporation has just celebrated its 10 year anniversary!! Though our focus has changed direction a bit over the years, the majority of things have stayed constant: our drive, determination and dedication. We enjoy helping our customers in any way possible. There are not many companies nowadays that really care about what happens to their customers – not true of CCC. We succeed thru the success of our customers.

Thru the leadership of our CEO, Jerry, we have been able to “keep our doors open” in a time when most financial lending institutions cannot. We are redirecting our efforts whenever necessary to accommodate the current situation. Check out our new Build Your Own Home Program.

Keep watching our web-site for new and innovative ideas, rates, and possibilities. Check us out at www.contractorscapital.com or call upon us at 763-784-3400.

Foreclosed Lots

Due to the changing times we are experiencing, Contractors Capital Corporation has become creative in offering options to potential buyers. We have lots in a variety of areas, a large range of prices, and many types from which to choose. We are offering them for not only a discounted price, but also on a contract for deed. This gives you the opportunity to purchase a lot now and build later when you are ready. Downpayments are as little as 3%! Whether you want to build now, build later, or just own land that will eventually go up in value, a contract for deed is a great option for purchase. Please contact us for more information at www.contractorscapital.com or call 763-784-3400.

Did You Know . . . .

As the weather continues to warm up and we’re running our air conditioners, it’s a good time to remind you to change the furnace filter. To make your furnace run efficiently and to help you save money on monthly bills or costly repairs, it’s recommended that filters be changed each month.

Did you know Contractors Capital could assist you in building your own home, purchasing land, purchasing a new home or refinancing an existing mortgage? Give one of our experienced loan officers a call at 763-784-3400 in the North Metro or 651-289-6400 in the South Metro and we’ll get started. Visit us at www.contractorscapital.com for more information.

Foreclosed Lots

Want to build a home, but not quite ready to start the process? We have several lots available and we offer the option of purchasing by means of a Contract for Deed. Make payments now on the land until you are ready to build. When you are ready to move forward with construction, we can help you build you home through our self build - owner/builder program. If you prefer someone else to manage the whole building process, we also have many long term relationships with good builders in the area as well. Any method you choose to build a home, now or later, we can help you get started.
Visit our website at www.contractorscapital.com to view our list of available discounted lots. The time is now for great prices on land.

Build Your Own Home - Take Advantage of Today's Rates

Contractors Capital Corporation is very excited about our build your own home program. Be sure to contact one of CCC's loan officers to find out more. We can also help you with all your mortgage needs. Take a look at the rates today and start thinking about building your own home, purchasing, or refinancing.

Current Mortgage Rates as of 7/7/09:
30 year fixed - 5.36%
15 year fixed - 4.89%
30 year fixed jumbo - 6.47%
5/1 ARM - 4.56%
5/1 jumbo ARM - 5.17%

Contact us at: http://www.contractorscapital.com/ or 763-784-3400

You Can Build Your Own Home

Our self-build program offers consulting services to help a home buyer save money while building their own home - they can build a more affordable home and/or build more home than originally thought possible - on a lot they already have in mind - or we can help with securing a lot too. We work the process with the buyer and save them additional monies by working with reputable subcontractors that we already have relationships with to allow a 'wholesale' pricing of bids for materials and labor. The buyer gets the best bids and the best subcontractors at a great price. We arrange the construction financing, permanent financing, closing of the loans, and all the other details that go into building a home. We can do all this and more, or the buyer can do as much or as little as they choose - including selecting their own subcontractors or doing some of the work themselves. What may seem like a very cumbersome process to a potential home owner becomes very simplified and fun with our assistance. Please visit our website http://www.contractorscapital/. com to learn more.

Welcome to Contractors Capital Corporation Blog

Contractors Capital Corporation is a residential and construction mortgage lender, offering a very high level of personal service that is fast, flexible and convenient.

Our wide range of products serve individuals, professional builders and land developers throughout Minnesota and western Wisconsin.

Allow us the opportunity to help with your next project, whether it is a home construction loan, permanent mortgage, or land development. With the service and competitive pricing we offer, we can be a valuable asset to you.

NEW Bank Owned Foreclosure Properties For Sale

$$$ Discounted Prices $$$
View Homes --- View Lots

Visit Contractors Capital Corporation at our website, http://www.contractorscapital.com/ or call us 763.784.3400, Anoka, MN or 651.289.6400, Eagan, MN.