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How Construction Loans Work

Construction loans are designed to help individuals build or remodel their homes. The loan is built around an appraisal, land value, scope of work (new construction vs. renovating), a construction budget, the borrower's credit and assets.
Construction loans are more complex than purchase loans because of many factors. These include establishing an accurate budget, finding a contractor, receiving an appraisal that justifies the cost, and having the financial strength to secure the loan. Construction loans also encompass the payoff of the building site. Because construction loans are complex – and risky – they often carry higher interest rates and closing costs than a refinance or purchase loan.

Some construction loans only cover the actual construction term, while others are called “construction to permanent” loans. A construction to permanent loan means once the home is finished, the borrower modifies to the permanent financing of their choice. This can be the most favorable choice since there is only one set of closing costs.

Funds are taken from the loan through a process referred to as a “draw.” A draw is the method by which funds are taken from the construction budget to pay material suppliers and contractors. Each lender has different requirements for processing a draw. For example, some allow the borrower to request draws online, while others require paperwork and periodic inspections.

Construction loans usually last for 12, 15, or 18 month terms. During construction, interest payments on the project are paid through the loan. An “interest reserve” is set aside in the loan to make payments for the borrower. So, while building a home, a borrower is not required to make payments on the land or project.

This page was last modified 02:55, 21 December 2006.
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97% Of American Homeowners Overpay Their Lender In Mortgage Interest Every Month.

If you own a home, have just re-financed or are shopping for a mortgage, you’ll be outraged.Housing: Americans across the country were shocked to hear of a new poll that states 97% of homeowners here in America are overpaying millions of dollars each month in mortgage interest.The National poll was conducted last month to determine how many homeowners take advantage of the prepayment loophole in our mortgage system, which eliminates costly interest overpayments.

The shocking results showed only 3% of America’s homeowner population utilize this loophole and take advantage of the valuable benefits created by it.When Sean Drover, a Chicago businessman and homeowner found out he was overpaying $217 in mortgage interest every month, he was appalled. “Honestly, I was sick to my stomach when I thought back on all the monthly payments I’d made.

If I would have known about the pre-payment loophole when I first bought my home I could have put all that money into equity instead of my lenders pocket.” The problem lies with what the banking industry calls “front loading”. This is when the majority of a homeowner’s payment is applied towards the interest on the loan instead of the original amount borrowed.

The disturbing fact about front loading is it ensures you’ll pay over three times the original amount borrowed. Thus, resulting in enormous profits coming straight out of your pocket and directly into your lenders. … Most people (97%) never stop and take a good look at how damaging the system really is. Unfortunately, it’s just the way conventional mortgages are structured here in America.Average Homeowner overpays $60,000In fact, the average homeowner in America is overpaying $2000 in mortgage interest every year, or $60,000 over the life of the mortgage. “That’s an enormous amount of money”. Says top mortgage analyst, Craig Romero. “This is money that homeowners are needlessly giving away each year. Imagine what a person could do with an extra $60,000.While gaining back thousands of dollars from these overpayments is a huge benefit, it’s not the only one.

Cutting up to 10 years from the term of a traditional mortgage is also another major advantage.“I’ve been using the prepayment loophole for years”. Says Denver homeowner, Curtis Landau. “I’ve actually been able to remodel my home and pocket about $25,000…all from the equity that was built so quickly.” Americans must understand this prepayment loophole isn’t something lenders are eager to share with their customers. If they did, they would risk taking a huge cut in profits.With over 50 million mortgages in force, it’s estimated Americans overpay their lenders in excess of $12 billion every year. It’s no wonder this loophole is kept secret…lenders are undoubtedly getting rich off these interest overpayments.

Written by Craig RomeroTo see how well the prepayment loophole will work for you please enter his site at: http://www.wisemortgageinfo.com Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.

Yale Mortgage Outsources Back-Office Fulfillment Operations to Guardian Mortgage Services to Meet Current Demand and Facilitate Future Growth


LAKEWOOD, Colo. -- Nation's Largest Hard Equity Lender Chooses GMS to Meet Specialized Lending Boom Due to Rising Interest Rates and 72 Percent Increase in Foreclosures
Yale Mortgage Corp., the nation's largest hard equity lender, has selected Guardian Mortgage Services' (GMS) outsource solution to bolster its backroom operations. GMS immediately expands Yale Mortgage's closing capacity to support its existing growth and ensure capacity for the increasing volume.

Yale Mortgage's unique method of residential and commercial real estate financing provides solutions to borrowers outside of traditional lending parameters, including those facing foreclosure. Founded in 1992, Yale Mortgage's primary market is a subprime borrower who has significant equity in their homes but traditional financial institutions are not meeting their borrowings needs. Yale Mortgage bases approvals entirely on the equity in a property. Yale Mortgage is licensed in eight states, employs 110 mortgage professionals and services more than $300 million in loans. Due to its tremendous growth over the past five years and expansion plans into three new states, Yale Mortgage selected GMS to provide document preparation, title and escrow, closing and post closing services to exponentially increase its back office capacity. Yale Mortgage started lending in Arizona during April 2006 and will also expand into Colorado and Nevada during 2006.

GMS, a division of Guardian Mortgage Documents, provides the national lending community with mortgage fulfillment outsource services that focus on back-office operations including: vendor management, title and escrow, closing coordination, document preparation and post-closing. Since 1987, GMS has been a privately owned and operated U.S. company, with all employees and operations located and performed within the United States.

"Our tremendous growth - especially over the past three years - is a direct result of our ability to help subprime borrowers when traditional financial institutions were unable or unwilling to help, especially in foreclosure scenarios," said Woody Kahn, CEO of Yale Mortgage Corp.

"Guardian Mortgage Services is an important part of meeting current demand and our continued growth and expansion into new markets. Outsourcing back office functions like title and escrow, closing and post-closing to the experienced team at GMS ensures our ability to continue opening doors to subprime borrowers when other lenders cannot accommodate their needs."


According to Yale Mortgage executives, GMS was chosen for several key reasons, including: GMS' reputation in the mortgage industry as the "go to" solution for outsourcing backroom operations; GMS' ability to centralize title and escrow, closing and post-closing process for loan originators; GMS provides increased quality control of loan data; and GMS provides increased awareness for managers into the status of loans via a real-time Web-based system with an unmatched level of detailed reporting.

GMS' flexible technology and processes enable lenders like Yale Mortgage to take advantage of an outsourced solution customized to their specific needs and business practices. GMS uses its proprietary Web-based Transaction Management System(TM) (TMS) technology to automate vendor management, document production, management functions and workflow into one centralized, paperless model that provides Yale Mortgage with 100 percent visibility and control. GMS also offers title and escrow services for its customers.

"Today's changing marketplace demands innovative business strategies to meet the needs of borrowers across the country," said Tim Anschutz, Vice President of Marketing for Guardian Mortgage Documents. "Yale Mortgage's ability to provide unique financing opportunities has generated tremendous interest in its services from brokers across the country. As a result of expanding back office capacity and improving quality control by outsourcing with Guardian Mortgage Services, Yale Mortgage is positioned to help even more subprime property owners across the country. Yale Mortgage's continued growth in this market segment and expansion plans have generated a wave of inquires from brokers and submissions to Yale Mortgage's portal (www.yalemortgage.com). Yale Mortgage will expand into Nevada during June of 2006.
About Yale Mortgage Corp.

Founded in 1992, Miami-based Yale Mortgage Corp., the nation's largest hard equity lender, is licensed in eight states. The company's primary market is a subprime borrower who has significant equity in their homes but traditional financial institutions are not meeting their borrowings needs. The company has partnered with leading financial institutions as a seller servicer and has executed 25 micro-securitizations totaling more than $400 million.
About Guardian Mortgage Services

GMS, a division of Guardian Mortgage Documents, provides the national lending community with mortgage fulfillment outsource services that focus on back-office operations including: vendor management, title and escrow, closing coordination, document preparation and post-closing. Since 1987, GMS has been a privately owned and operated U.S. company, with all employees and operations located and performed within the United States.

GMS' mortgage fulfillment services simplify business by immediately providing efficiencies that increase total closing capacity, provide 100% pipeline management visibility and eliminates errors. Outsourcing this back-office capability enables the lender to aggressively focus on its front-end profit generator - origination. GMS' breadth of mortgage fulfillment services, from closing to the sale of loans, has earned it a national reputation for providing outsource solutions that are fast, reliable and economically smart. By offering mortgage closing and post-closing services, GMS meets the varying operational needs of mortgage brokers, bankers and investors. This is accomplished through GMS' Transaction Management System (TMS). TMS' 360 (degree) Loan Technology provides a collaborative web portal that enables all participants 24/7 access to monitor and/or participate in the workflow status of any loan within the pipeline. The GMS back-office solution eliminates repetitive phone calls and provides a paperless environment that enables the lender to initialize and drive the loan process while maintaining total visibility and control.


GMS executes transactions according to customized, client-defined procedures and objectives to provide solutions that maximize profits. The overall critical ingredient to GMS' success is a blend of more than two decades of industry experience, the capability to customize solutions, the newest technologies and attention to detail with a service-minded team that understands the financial services industry. For more information, visit www.gmd.com/gms or contact GMS at 800-521-3960, or 303-942-2004.

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