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.