The Tulsa “As-If” Tulsa House Loan- What is it?
19:10- Tulsa House Loans- As-If Tulsa Home Loan
An “As-if” Tulsa House Loan is a product that TTCU offers. The name may leave you wondering, “What is an As-If Tulsa House Loan? An As-If Loan is one that is based on the completed value of the house, before the home has been completed or remodeled. This is a one time close loan. We get a list of all the things that you want to do in your home. You get a bid on the work and we do an appraisal based on what the home value would be when it is finished with that list. It is an “As-if” it was finished Tulsa house loan. Many first time home buyers in Tulsa either want to live in an area that is out of their price range or want more than what they can afford. This loan can often help enable you to get the home you want, often at a lower price, instead of buying one already remodeled at a higher price. For many seeking a Tulsa house loan, working with new construction or homes that need to be remodeled ends up costing them much more than a regular loan. With a traditional new construction loan- or one used when you purchase a home and then remodel- you end up have more than one mortgage and more than one closing. With each closing and mortgage come closing costs and sometimes higher interest rates. Then, when the work is complete, you refinance to get one mortgage and a lower interest rate. That costs more in closing costs. Those higher interest rates and multiple closing costs add up and cost lots of unnecessary money. With TTCU’s As-If loan- you will get one loan. When the contractor does does the work, he gets his money. This can allow you, as a Tulsa home buyer, to enjoy your Tulsa area home and get a good investment.