The word relocation often connotes negative feelings for most people. Relocating is not necessarily bad, but it’s not a welcome thought either. But like most things in life, home relocation has its share of advantages and disadvantages.
Individuals, couples, and families do not have to be stressed out by relocating to another place. Thinking of it as a project that could enable your family to grow closer and create stronger bonds with each other might help. Military personnel relocating in bases such as Whiteman need not worry too much. Whiteman Homes, a great new home builder in Whiteman, Warrensburg and Knob Noster, shares some information about home loans that might help you out on your relocation.
Relocation loans eliminate the difficulty of timing the sale of your existing property with the purchase of your new home. With relocation loans, you will be able to buy your next home and move in even before your current home is successfully sold and settled.
Unlike bridging loans, however, relocation loans are offered at standard variable rate loan. Some lenders even offer discounts under certain loan packages.
Here’s how relocation loans work:
1. Your lender will advance enough funds at settlement to cover the purchase price of the property you want and all the associated costs such as government fees and charges, and conveyancing fees.
2. If you have a loan on your current home, the lender will generally pay out the loan and lodge a new mortgage on your current home. Usually, bridging finance is available for 6 months if you are buying an existing property or up to 12 months if you are constructing a new home. This gives you plenty of time to sell your existing home.
3. If your current home hasn't been sold and settled or construction isn't complete at the end of the relocation finance term, the lender will increase the interest rate.
4. When it comes to repayments during the relocation loan period, the interest charged during the relocation period is capitalized so that you do not have to make loan repayments until the relocation period has ended. It is important to remember that during the relocation period, the bigger the loan repayment you are able to budget for and make, the smaller the amount of interest charged to you by your lender.
Apart from the benefits of getting a relocation loan, a Whiteman Air Force Base relocation won't be inconvenient if you will entrust the construction of your new home to a reliable and professional Missouri home builder like Whiteman Homes. Whiteman-built homes in Whiteman AFB will suit your wants and needs, and exceed your expectations.