#1 Barndominium Problem That No One Talks About

hey did you know the number one problem that no one's talking about with barnominiums refinancing I'm John Michael with Michael Moyers planning at Dart bank and I want to talk to you about why this could be an issue when building your Barnaby so why is this a problem well first of all interest rates are at highs that we haven't seen in years so that means if you're building a home and you want to get into lower interest rates if they do drop you want to be able to take advantage of that well I want to talk to you about how that could be a problem with the bartiminium see a lot of times lenders will use a certain program maybe an in-house or what they call a portfolio loan to be able to finance a barndominium because they think of it as a unique program or or a home or a feature so what that does is it locks you up into their proprietary system and not with a let's say agency or if you've heard the terms Fannie Mae or Freddie Mac where that money is available to homes across the country so I want to present to you with like three things that you want to be looking at when when building a barnuminum so that you're open to refinancing down the road number one what if your construction rate had a float down option so the Freights ended up being lower by the time you finished you can take advantage so I'd be number one number two make sure that that loan is an agency loan that is available to get eventually to Fannie or Freddie Mac so that if rates fall you've used the same program for building that you can for refinancing and taking advantage of those lower rates and number three if rates do fall what if you were able to do that by having the bank pay for your closing costs if you have any questions about financing a Barney medium leave a comment below or click the link in the description to send us a message hey thanks for watching I'm John Michael with Michael mortgage planning at Dart bank and for more great information about building barnuminums make sure you subscribe to our Channel

Channel: Barndo Bankers

Views: 252,295

Keywords: michigan, barndominium, house, financing

Id: _k2BHzA5o_E

Length: 2min 0sec (120 seconds)

Published: Tue Dec 13 2022