Contractors Capital Corporation

Mortgage Rates

2011-02-17T11:44:00.003-06:00

Looking for the current trend on mortgage rates? I found a great site to help out. Follow the link! It has some helpful information. Hope this helps you out! http://www.bankrate.com/finance/mortgages/mortgage-rate-trend-index8-163901-1.aspx

Foreclosure Lot for Sale, Buffalo, MN

2011-02-04T14:22:00.003-06:00

CONTRACTORS CAPITAL CORPORATION

Lot for Sale in Buffalo, Minnesota
Contract for Deed / Seller Financing Available

Please see the Build Your Own Home link for more details.

# 3636
Legal Description : Lot 14, Block 5, Rodeo Hills 3rd Addition
Address: 2308 Bronco Lane, Buffalo, MN
Discounted Price : $ 29,900.00 ~ Original FMV : $ 95,000.00

Features:
Full basement walkout lot measuring 85 x 245; city sewer and water

It's a great time to purchase land -- plan ahead for your future

For more information or for a personal showing, please contact:

Brandon 763.784.3400 or 612.80139124 or
email: brandon@contractorscapital.com

Jerry 612.867.4141 or email: jerry@contractorscapital.com

Foreclosure Lot for Sale, Buffalo, MN

2011-02-04T14:12:00.003-06:00

CONTRACTORS CAPITAL CORPORATION

Lot for Sale in Buffalo, Minnesota
Contract for Deed / Seller Financing Available

Please see the Build Your Own Home link for more details.

# 3635
Legal Description : Lot 11, Block 5, Rodeo Hills 3rd Addition
Address: 2302 Bronco Lane, Buffalo, MN
Discounted Price : $ 29,900.00 ~ Original FMV : $ 95,000.00

Features:
Split-entry walkout lot measuring 85 x 195; city sewer and water

It's a great time to purchase land -- plan ahead for your future

For more information or for a personal showing, please contact:

Brandon 763.784.3400 or 612.801.9124 or
email: brandon@contractorscapital.com

Jerry 612.867.4141 or email: jerry@contractorscapital.com

Foreclosure Lot for Sale, Bloomington, MN

2011-01-28T11:31:00.002-06:00

CONTRACTORS CAPITAL CORPORATION

Lot For Sale in Bloomington, Minnesota
Contract for Deed / Seller Financing Available

Please see the Build Your Own Home link for more details.

#: 8204
Legal Description : Lot 4, Block 1, Sean Conrade Addition
Address: 10528 Morgan Circle, Bloomington , MN
Discounted Price : $184,900.00 Original FMV : $220,900.00

Property Description:
Lot = 50 x 158 x 76 x 163 x 112; city sewer and water

It's a great time to purchase land -- plan ahead for your future

For more information or for a personal showing, please contact:

Brandon 763.784.3400 or 612.80139124 or email: brandon@contractorscapital.com

Jerry 612.867.4141 or email: jerry@contractorscapital.com

Foreclosure Lot for Sale, Blaine, MN

2011-01-28T11:20:00.002-06:00

CONTRACTORS CAPITAL CORPORATION

Foreclosured Lot for Sale in beautiful Blaine
Contract for Deed / Seller Financing Available

Please see the Build Your Own Home link for more details

Loan #: 3194
Legal Description : Lot 5, Block 2, The Sanctuary 5th Addition
Address: 2674 103rd Court North, Blaine , MN
Discounted Price : $ 94,900 Original FMV : $ 125,000.00

Property Description:

Lot = 84 x 103 x 113 x 103; city sewer and water

It's a great time to purchase land -- plan ahead for your future

For more information or for a personal showing, please contact:

Brandon 763.784.3400 or 612.801.9124 or
email: brandon@contractorscapital.com

Jerry 612.867.4141 or email: jerry@contractorscapital.com

What is a Construction Loan?

2011-01-27T11:00:00.002-06:00

A construction loan is a type of short-term loan that is meant to last only through the construction process, which is usually a few months. Typically, once the construction process is complete, the construction loan gets paid off at the time permanent financing (or more traditional, mortgage-style financing) is put into place.

Foreclosure Lot for Sale, Blaine, MN

2010-10-25T16:54:00.007-05:00

CONTRACTORS CAPITAL CORPORATION

Contract for Deed / Seller Financing Available

Loan #: 3091
Legal Description : Lot 8, Block 1, The Sanctuary Fifth Addition
Address: Blaine , MN
Discounted Price : $ 114,900.00 Original FMV : $ 125,000.00

Property Description:

Lot = 107 x 196 x 67 x 196; city sewer and water

It's a great time to purchase land -- plan ahead for your future

For more information or for a personal showing, please contact:
Ryan 763.784.3400 or 612.961.2140 or email ryan@contractorscapital.com
Jerry 612.867.4141 or email jerry@contractorscapital.com

Foreclosure Lot for Sale, Baldwin Township, MN

2010-10-21T11:45:00.005-05:00

CONTRACTORS CAPITAL CORPORATION
Contract for Deed / Seller Financing Available

Loan #: 3215
Legal Description : Lot 2, Block 1, Wilderness Shores 2nd Addition
Address: Baldwin Township, MN
Discounted Price : $ 65,000.00 Original FMV : $ 100,000.00

Property Description:
Corner Lot measuring 379 x 210; well and septic

It's a great time to purchase land -- plan ahead for your future

For more information or for a personal showing, please contact:

Ryan 763.784.3400 or 612.961.2140 or email ryan@contractorscapital.com
Jerry 612.867.4141 or email jerry@contractorscapital.com

House for Sale, Andover, Minnesota

2010-10-21T11:34:00.003-05:00

CONTRACTORS CAPITAL CORPORATION

Presents

Loan #: 60013

Address:

14428 Flintwood Street NW
Status: Completed Andover, MN

Discounted Price: $339,900.00 Original FMV: $339,900.00

This Home Features:

2 Story, 4 bedroom, 3 bathroom, 2488 square feet

For more information or for a personal showing, please contact:

Jerry 612.867.4141 or email jerry@contractorscapital.com

2010-09-29T14:49:00.004-05:00

CONTRACTORS CAPITAL CORPORATION

Presents

Loan #: 60012 Address:

14454 Evergreen Street
Status: Completed Andover, MN

Discounted Price: $259,900.00 Original FMV: $259,900.00

This Home Features:

2 Story, 4 bedroom, 3 bathroom, 2035 square feet

For more information or for a personal showing, please contact:

Jerry 612.867.4141 or email jerry@contractorscapital.com

Five Biggest Mistakes Homebuyers Make

2010-05-03T11:35:00.002-05:00

1. Not knowing your credit score - The lower your credit score, the chances decrease to negotiate a lower rate an lower fee. Know your FICO score. If your score needs improvement, you can pay down revolving credit balances which can increase your score considerably.

2. Buying a car before a house - Any time customers open a new credit account, auto loan, credit card, etc... their credit score could drop. If there is a new credit in between the approval and the closing, the lender could disqualify the loan.

3. Skimping on a home inspection - Buying a pig in a polk can have serious negative effects at a later date. Many homes purchased in today's market are distressed properties and should be contingent upon an inspection.

4. Not having proper representation - Everyone involved in the transaction (agent, bankers, brokers) have a vested interest in your transaction. You should make sure you have someone that represents just you.

5. No budgeting for insurance - Most homebuyers just don't understand insurance, what it covers, or the various types of coverage. Standard policies cover theft, wind, fire, lightning, and hail. There is no coverage for earthquakes, flooding, or neglect in maintenance. You should also explore a rider for additional insurance.

If you are looking for a home in today's market, we can help. Give us a call at 763-784-3400 or visit our website at www.contractorscapital.com.

Credit Check

2010-04-06T12:38:00.001-05:00

4 things that can hurt your credit

Consumers are feeling the pinch right now through the reduced availability of credit. If you are in the market for a new home, a car or even a cell phone, it is more important than ever to make sure your credit is in great shape.

Whenever you apply for any loan, an apartment or even a job, your credit is scrutinized to asses if you are a "good credit risk." If you have a low credit score or a rocky credit history, you will see it in higher interest rates that can cost thousands of dollars more than someone with good credit.

The first step to keeping your credit in good shape is to check your credit report. Some things to look for include:

* Errors on your report
Credit report errors are surprisingly common and can take months to correct. Regularly monitoring your credit report can help you catch mistakes early.

* Debt-to-credit ratio
If you are maxing out your credit cards, lenders take this as a sign that you are borrowing as much as, or more than you can handle. Keep your balances at least 50 percent below your credit limit.

* Late payments
Making all your payments on time means you avoid a black mark on your credit report and can save you hundreds of dollars in late fees.

* Old accounts
Consider leaving old accounts open even if you don't use them much anymore. The length of your credit history is a factor in your credit score so it pays to keep accounts open.

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.

Going Green

2010-04-06T12:37:00.001-05:00

A typical household could trim a utility bill by $500 or more and keep nearly 5,000 pounds of greenhouse gases out of the atmosphere.

$9.50—switch from 100-watt incandescent bulbs to compact fluorescent

$39—reduce shower times by 2 minutes

$40—install a low-flow shower head

$37—turn down the heat 1 degree in the winter

$111—turn it down 3 degrees

$14—raise thermostat 1 degree in summer

$42—raise it 3 degrees

$50—turn off unneeded appliances

$55—turn down water heater from 140 degrees to 120 degrees

$11—close your fireplace flue

$5—pay your bills online

$65—use your dishwasher’s air-dry setting

$57—wash clothes on the cold setting

Source—My Emissions Exchange.

It is still a great time to buy. 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.

How to Insure Your Home

2010-03-10T15:57:00.002-06:00

Homeowners insurance protects your home, its contents, and, indirectly, your other assets in the event of fires, theft, accidents or other disasters.

A standard homeowner’s policy will protect you from things like fires and fallen trees. Notice how we didn’t mention floods, windstorms or earthquakes—those events are specifically not covered by a standard policy and require additional coverage. Homeowners in some areas of the country may be required by their mortgage company to carry these kinds of policies.

A standard policy will also protect your possessions from said disasters as well as theft. But a standard policy is not a blank check: there’s a limit to how much you’ll be compensated. If you have specific items of value, such as jewelry or artwork, you can pay a little extra each year to insure them for their full replacement value.

Now, if someone is on your property and slips and falls and sprains his ankle, he might sue you for his medical expenses. Homeowners insurance covers your liabilities in this situation as well. And like the examples mentioned above, you can pay more for extra coverage. Homeowners insurance isn’t required by law, like auto insurance. But mortgage companies usually require you to obtain a policy before they’ll give you a loan.

Your home-insurance policy should cover enough to entirely rebuild and furnish your home were it wiped off the map. Ask a home builder to walk through your home and give you an estimate of what it would take to rebuild; that figure should be the basis for how much replacement coverage you’ll need. Be sure to point out any unique and/or expensive details that would add to the replacement cost.

Once you’ve determined the replacement cost of your home, you’ll need to know what kind of coverage you want. There are a few key terms here:

• Guaranteed Replacement Cost Coverage– This means that the insurer will pay for the rebuilding of your home no matter the cost. These policies are hard to find these days.
• Extended Replacement Coverage– Many insurers offer coverage that caps the payout at around 125% of your home’s insured value.
• Inflation Guarantee – This feature makes sure that your home’s appraised value stays current with the marketplace.

If you get a reliable appraisal, extended replacement coverage and an inflation guarantee, you should be in good shape. The appraisal provides a realistic starting figure and the inflation guarantee makes sure that your home’s price stays current. The 125% coverage means that, even if construction prices outpace inflation, they probably didn’t outpace it by 25%, so you should have enough money for whatever work you need done.

One last thing: The law requires you to have flood insurance if you live in an officially recognized high-risk area. To find out your flood risk and to find plans (which are offered by the government), go to [1] floodsmart.gov.

When it comes to protecting your possessions, you may want more coverage than your standard policy allows. If you have anything of exceptional value (a family heirloom, a piece of art, jewelry, etc.), you should insure it separately. Insurers will charge extra for this coverage (something like an extra $10 on your monthly premium per $1,000 of value insured), but it pays to be covered.

Also keep in mind that there are two different kinds of coverage when it comes to personal articles. There’s “actual cash value” and there’s “replacement cost.” You want coverage for replacement cost. Actual Cash Value Insurance is what you’d get if you sold your valuable today — a lower amount than what you initially paid. Replacement Cost Insurance pays you the amount of money you’d need to buy a brand-new item to replace your old one.-

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

Spring Maintenance on Your Home

2010-03-01T09:16:00.002-06:00

Follow the maintenance tips below to keep your home running smoothly!

Check and clean your gutters and downspouts
Check your basement or crawl space for leakage
Change your furnace and A/C filter
Adjust your thermostat for seasonal temperature changes
Check and repair any window screen damage
Check ground settling after the spring thaw
Adjust humidifier for seasonal temperature change
Open valve to outside hose connection
Turn on sprinkler system to check for leaks
Trim shrubs that weren’t trimmed in fall

Got a leak? Windows old? Build a new home! Give us a call - we can help! 763-784-3400 or visit our website at www.contractorscapital.com

Mortgage and Construction Loans

2010-02-25T10:39:00.002-06:00

Avoid the "bait and switch". The mortgage lending business is notorious for baiting and switching, which is when a loan officer or advertisement offers you one thing and then tries to sells you something else. Remember that if it sounds too good to be true, it probably is. Make sure you always get your quote in writing.

Typical signs of baiting and switching are obvious, some basic examples are:
o Over the phone, you are offered a much lower rate than any other quote and once you've sent in your application the rate you were quoted has all of a sudden vanished.
o You are offered a construction loan with no points and no loan fees. What you are not told is that you are paying for it with a higher interest rate and the costs are built into the loan.
o You are told that you will not have any payments while you're building. What you're not told is that construction loans often have an option of "interest reserves" and the payments are added to the loan amount.

For upfront information on a mortgage loan or a construction loan, give us a call at 763-784-3400 or visit our website at www.contractorscapital.com.

American Dream?

2010-02-25T10:33:00.002-06:00

When will the nation’s property values begin to appreciate again? This is the $1MM question that real estate professionals, investors, and mortgage professionals would like to know. The truth is nobody can accurately predict the return of the real estate market. Like everyone else, we can’t predict the end of this crisis either, but what we can do is tell you what will have to happen to facilitate that change. The answer is quite simple: America must reinvest in herself once again.

Think back, or read a history book, about how families in the ’40s and ’50s used to buy homes. Young couples lived with Mom and Dad during the “courtship” prior to getting married, until they had saved 20% to put down on their “dream home”. They made an investment in America, (i.e. the American dream). In the years that followed we have devalued that investment in lieu of credit and the easy access to it. Property values rose artificially and our nation became addicted to credit.

The value of the dollar has been demolished due to the same principle. When we place value in assets based on their ability to be easily bought and sold versus the value that has been invested in the asset, we devalue its worth. For example, two years ago I could have bought an $600,000 house (and I assure you that I cannot afford a house that expensive). The owner of that asset (the $600k house) placed value on his asset based on the availability of buyers like me who could buy the home. The problem is, this homeowner probably had less than 5% invested in the home. Where do you think that homeowner is today?

Had he put 20% down on his home, he would then own a valuable asset in which he has a real investment. This outlay of cash forces him to buy and sell his home in the same manner he would move an $800k investment around in the stock market – very carefully. Thus, the home has REAL value. However, having bought the home with little or no money down, the asset became disposable and so follows the real estate market.

So, as I said earlier, I cannot predict when the real estate market will bounce back, but I can tell you what needs to happen before it does. America needs to reinvest in herself by getting back to solid buying and selling principles. This strengthens home values, which encourages investors who employ builders who employ carpenters, painters, real estate agents, loan officers and so on. America was built on the “American Dream”.

Call us if we can help you with your "American Dream" at 763-784-3400 or visit our website at www.contractorscapital.com.

Reminder - Take Advantage of the Tax Credit

2010-02-09T10:40:00.002-06:00

If you’ve been thinking about buying a home, and weren’t eligible for the first-time home buyer tax credit, here’s some good news: the housing tax credit has been expanded and extended.

President Obama signed into law the Worker, Homeownership, and Business Assistance Act of 2009, which enables many more Americans to take advantage of new government incentives to buy a home. In fact, the National Association of Home Builders (NAHB) estimates that close to 70 percent of all potential home buyers should now qualify for some form of the housing tax credit.

Congress has extended the time limit for the first-time home buyer tax credit, added repeat buyers and increased the income limits! Home buyers that didn’t qualify before may be eligible now, providing a great opportunity to market to higher-income or move-up buyers. Use these print ads, flyers, Web banners and other resources to let consumers know that buying a new home right now is the opportunity of a lifetime. NAHB’s consumer Web site will answer detailed questions: www.federalhousingtaxcredit.com or give us a call at 763-784-3400 or visit out website at www.contractorscapital.com to see how we can help you find a home. We have bank owned properties in excellent repair! Give us a call.

Some Reasons Why You Need Title Insurance

2010-02-08T13:42:00.002-06:00

There are many things that can come up in the time you own your property that cause title defects of one type or another. Lenders will require title insurance to make certain they are covered and owners should look into insurance and make certain they know what they are purchasing insurance for, or if they decide to forgo it, what they might be relinquishing as far as coverage. Some examples of title issues are:

Any forgery of documents in the chain of title

Any document signed by a person under age at the time of signing or signed by an insane person

The testator of a will might have had a child born after the execution of the will, a fact that would entitle the child to claim his or her share of the property.

Any document signed by a power of attorney and the power of attorney expired

An heir or other person presumed dead may appear and recover the property or an interest in the property

Title insurance covers attorneys’ fees and court costs

By having insurance, it simplifies the sale process

Title insurance reimburses you for the amount of your covered losses.

Each title insurance policy is paid in full with a one time premium for as long as you or your heirs own the property

Recording errors are covered under the policy

Marital status and validity of divorces come up frequently. Title insurance protects against claims made by non-existent or divorced "wives" or "husbands."

Over the last 24 years, claims have risen dramatically.

These are just a few of possible scenarios that title insurance would cover. When you intend to buy a property, carefully research the advantages and disadvantages of purchasing title insurance. It is probably the cheapest insurance you will buy. If you have questions about purchasing your property from us, please call one of our loan officers at 763-784-3400 or visit our website at www.contractorscapital.com.

Today's Mortgage Rates

2010-02-02T10:51:00.001-06:00

Deciding to be a homeowner is one of the most important decisions you will make. So, having all of the facts in front of you is very important. We at Contractors Capital are ready to answer any questions that you may have and help you in your decision making process.

We are lending and open for business.

Act now, while the interest rates are still at an all-time low.

Loan Program
30 Year Fixed ~ 5.06%
15 Year Fixed ~ 4.49%
1 Year ARM ~ 3.79%
30 Year Fixed Jumbo ~ 5.88%
5/1 ARM ~ 4.10%
3/1 ARM ~ 4.68%

Please call on us at 763-784-3400 for assistance or visit our website at www.contractorscapital.com.

Construction Loans ~ We are Lending!

2010-01-22T11:38:00.002-06:00

Just like any product, construction loans have their good, bad, and ugly. Here is some information to assist you in keeping away from the bad and the ugly ones…...

Know your options. In today’s market, the options for construction financing have been greatly reduced from years past. Today's construction loan choices include some banks that will offer a construction loan and construction finance companies that are independent. Some of your options will depend if you have selected a builder or if you will be spear-heading the build yourself and hiring your own subcontractors.

Get pre-approved for a loan. This will help to determine if the requested loan amount is within your budget. It will also allow you to find out what the monthly land or mortgage payment is going to be, and to make sure you qualify before you run out and buy land. This pre-approval will be required by the lender whether you or the builder is financing the building costs. Anyone willing to grant you the construction financing is going to want to be absolutely certain the house will be financed into one of the traditional choices of permanent financing options once it is complete. Neither the builder nor the lender wants the house at completion!

Realize that construction loans are most often loans that will need explaining. The lender will want to know exactly what it is you are trying to accomplish. They will want the costs, plans, and any ideas you might bring to the table and how you intend to accomplish it then they can recommend a program and approve your loan.

Factor in contingency funds into the cost of building your new home. Contingency funds are added to the loan amount just in case you need more money to build your new home. With all good intentions, construction loans tend to have cost overruns. Typically, 5% to 10% of the cost breakdown is added to the loan amount just in case you have cost over runs or need better appliances. If you don’t need or use this extra contingency fund then it will not be added to your mortgage upon completion of your new home.

Make sure the construction lender is experienced. Local banks, if they do construction loans, might be able to offer you a great rate. National Lenders are more likely to have construction programs, but the drawback is that they do not necessarily have their fingers on the pulse of the local Real Estate market. But your first consideration should be construction lending experience. Even more than a mortgage loan, a construction loan can be complicated. Avoid using any entity that provides you with a loan officer who doesn't have significant experience providing construction loans to consumers. Simply asking ‘how long have you been doing construction loans?’ is a good start.

Enter into a written contract with a builder/contractor (if you aren’t acting as your own General Contractor). Items typically required of a builder are their financials, both personal and entity, prior years taxes, building license, good standing with the Secretary of State, Liability Insurance information and some others. A cost statement breaking down each line item of the build will be a must. A construction contract is a written agreement between the borrower and the builder for services to be provided by the builder for a stated consideration. A properly written and customary contract contains:

A clear statement outlining the responsibilities each party will perform.
The date of the contract, the scheduled dates for commencement and completion of construction of the project.

The amount of payment the builder is to receive for each stage of construction, as well as under what conditions it will be received, such as passing inspection etc. If the property is located in a state that charges sales tax, the contract must specify whether the amount includes state sales tax.

A completed and signed line item cost breakdown and list of materials.

A payment method that is compatible with the line item cost breakdown and the disbursement procedures of the lender.
Provisions for possible changes to plans or specifications by appropriate change orders. Since most construction loans have a contingency provision a cost over run may be paid for using that provision.

Full identification of all parties and definition of all names used in the contract (contractor, owner, subcontractors and architect).

Architect's responsibility, if any.

Signatures of the borrower and contractor.

Get construction insurance. Banks will require two types of insurance, builder’s risk and general liability. This requirement is set forth by the bank, not the builder. So make sure you hire a reputable builder with insurance, it will help your construction loan close much faster and smoother.

Builder’s Risk: This policy is an all risk policy to include, fire, extended coverage, builder's risk, replacement cost, vandalism and malicious mischief insurance coverage.

General Liability Insurance: You or your builder can provide this policy. This policy is a comprehensive general policy or a broad form liability endorsement. The minimum amount of $300,000 for each occurrence is required. If the builder provides the insurance a general policy of $1,000,000 or a broad form liability endorsement is required. Ask your builder upfront if they have general liability insurance. If they do not, ask if they have a problem providing the insurance. Some builders cannot afford or simply do not want to pay for the insurance and then guess who has to provide it, yes, you do. You can save yourself a lot of headaches and money if you work with a builder that has insurance.

As you can see, building a house has a few steps to consider. If you would like assistance with building your own home, have a builder build your home, or already have a builder in mind, give us a call. We can help with construction financing options. Our number is 763-784-3400 and speak with one of our loan officers or preview our website at www.contractorscapital.com for more information.

Certificate of Rent Paid and 1098 Form

2010-01-22T11:35:00.002-06:00

Certificate of Rent Paid (CRP)

By January 31, 2010 landlords should have sent out the Minnesota Certificate of Rent Paid to their tenants. The MN Certificate of Rent Paid provides the tenant the form and breakdown of rent paid which they can use to obtain their rent credit when they do their taxes. This is commonly known in Minnesota as the renters refund.

A Minnesota Certificate of Rent Paid should be sent to each married couple and unmarried person living at the house, townhouse or apartment. Each individual should receive their own Certificate of Rent Paid with only their name on it. In the case of a married couple, they count as one individual. So if you have one married couple and two single persons living at your residence, a total of three Certificate of Rent Paid Forms should be sent.
Regardless of who is paying the rent, the landlord must divide the total yearly rent received by the number of individuals equally. The landlord divides the total yearly rent received by the number of Certificate of Rent Paid forms they are sending to the tenants. It may be that one tenant paid more than another or they may have even paid most of the rent. This does not matter. The instructions on the 2009 Certificate of Rent Paid MN form states that the rent stated on the CRP must be divided equally regardless of what was actually paid.

1098 Form

A form filed with the Internal Revenue Service (IRS) that details the amount of interest and mortgage-related expenses paid on a mortgage during the tax year. This form is for contract for deed holders as well. These expenses can be used as deductions on a U.S. income tax form Schedule A which reduces taxable income and the overall amount owed to the IRS. The mortgage lender is required by the IRS to provide this form to borrowers.

If you need any assistance with this or are a tenant/buyer of one of our properties or one of our builder's properties, give us a call at 763-784-3400 or visit our website at www.contractorscapital.com.

How to Find a Builder

2010-01-15T12:59:00.002-06:00

If you are in the market to build a home, but don't know where to start-read on. Deciding to build a home is a big decision. Choosing the right builder is vital to your experience as they are the focal point for the entire process through completion, assuring quality throughout. There are many ways to find a builder. Quality builders take great pride in their work. They do things right the first time to avoid the expense of repairs later. Most of all, they value satisfied customers.

There are several ways to seek out a new builder.

One is to call us. We are a construction finance lender that for 10+ years has offered financing to the builders in our area. We service and fund the construction project from the time the lot is purchased through the time you close on your completed home. We have many bulders we can pair you up with so you will have several options for builders to choose between.

There are several typical methods to locate a builder. A great way is referrals from friends and family that have experienced working with a good builder. You can visit model homes and new housing developments to see the work of various builders.

Once you have narrowed down a few builders, calling the local Better Business Bureau, (BBB) and check the record of complaints filed against the builder is always a good idea. Determine the rating received by the BBB and refrain from selecting a builder with multiple complaints.

Check the reputation of the builder. Even with a home warranty, complaints are resolved directly with the builder, so the builder's willingness to make repairs is far more important than the warranty.

Look for builders that have been in business for many years and under their same name.

Contact the local and National Association of Home Builders. Membership is a good indication of quality of work, and offers some assurance of the builder's standing in the profession.

Please call on us for assistance locating a builder. We have a portfolio of many builders we have worked with over the years and would love to assist you. Our website is www.contractorscapital.com or call 763-784-3400 and speak with any of our loan officers.

Carbon Monoxide and Your Home

2010-01-14T16:51:00.001-06:00

It is that time of year to be especially careful about carbon monoxide poisoning. Each year in the US, approximately 20,000 people go the emergency room for carbon monoxide poisoning and nearly 500 people die from it. It is a colorless, odorless gas which is extremely poisonous and can kill you in minutes. Symptoms include feeling dizzy, tremendous headache and nausea, and extreme sleepiness.

The number one cause of carbon monoxide poisoning in the US is danger from poorly-maintained heating systems. Make sure that your appliances and heating devices are property vented and maintained by a professional. Another cause (in the colder states, in particular) is running your car in the garage to heat it up, which should not be done even with the garage door open. Park your car in the driveway, well away from home. In addition, if one loses power, do not use your oven to heat the home and use a back-up generator carefully. It should be placed outdoors.

Most importantly, all homes should have C.M. detectors. There should be one near every room where people sleep at night. Make sure it is battery operated or at least has a battery back-up in case of power failure.

Carbon monoxide makes people sick, it kills people and is completely preventable.

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.

Times Keep Changing - Deeds

2009-12-14T11:45:00.005-06:00

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

2009-12-10T08:57:00.001-06:00

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

2009-11-19T14:12:00.000-06:00

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

2009-11-19T14:11:00.001-06:00

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

2009-10-28T11:59:00.002-05:00

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

2009-10-21T12:40:00.002-05:00

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

2009-10-16T16:10:00.004-05:00

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

2009-10-15T10:25:00.001-05:00

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

2009-10-08T15:42:00.002-05:00

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!

2009-10-06T10:49:00.000-05:00

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

2009-09-24T15:38:00.002-05:00

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

2009-09-24T15:33:00.003-05:00

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

2009-09-22T09:32:00.003-05:00

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

2009-09-15T16:26:00.001-05:00

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

2009-09-11T11:52:00.006-05:00

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

2009-09-11T03:56:00.002-05:00

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

2009-09-03T08:55:00.002-05:00

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.

2009-09-02T16:49:00.003-05:00

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

2009-08-28T17:12:00.000-05:00

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

2009-08-17T11:37:00.000-05:00

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

2009-08-13T11:38:00.003-05:00

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

2009-08-07T10:11:00.002-05:00

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

2009-08-06T13:13:00.005-05:00

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

2009-08-03T12:44:00.002-05:00

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

2009-07-22T15:50:00.002-05:00

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!

2009-07-21T08:58:00.002-05:00

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

2009-07-20T17:32:00.002-05:00

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.

2009-07-15T16:58:00.003-05:00

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

2009-07-10T16:35:00.005-05:00

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

2009-07-07T09:59:00.008-05:00

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

2009-07-02T09:42:00.003-05:00

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

2009-02-25T13:31:00.000-06:00

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.