| So, you've finally found the log home of your | | | | - It's Considered a Non-Standard Structure - A log |
| dreams. Now you have to figure out a way to | | | | cabin is considered to be a "non-standard" |
| finance it and finding log home lenders is not | | | | structure, which makes it even more difficult to |
| necessarily such a simple task. When you are | | | | be able to get the mortgage that you need to |
| looking for a log home mortgage, you'll find that | | | | purchase or build your log home. Most lenders |
| there are many lenders that are just not | | | | don't want to step out on a limb to finance this |
| interested in providing you with the money to | | | | type of a structure. |
| build or purchase a log home. There are quite a | | | | - High Down Payments - Even if you can find the |
| few difficulties that you are going to have to | | | | mortgage that you are looking for, many times |
| overcome if you are going to get the log home | | | | you'll end up with high payments, which makes it |
| you've been dreaming of. Although there are | | | | difficult to afford the log home that you really |
| many lenders who won't want to give you the | | | | want. Often you'll need to come up with 10% to |
| mortgage that you need, there are a few great | | | | 25% of the cost of the home and land, and in |
| mortgage brokers who are willing to lend you the | | | | some cases, you may be asked to come up with |
| money that you'll need with competitive interest | | | | 30% of the purchase price. |
| rates as well. Let's take a look at some of the | | | | Steps to Financing Your Log Home |
| problems you may encounter when trying to | | | | If you are trying to finance a log home, there are |
| finance your log home and the steps to getting a | | | | a variety of steps you'll have to go through in |
| log home mortgage. | | | | order to get the mortgage that you need for the |
| Problems with Financing a Log Home | | | | log home. Here are the steps you'll need to keep |
| First of all, you'll find that there are many | | | | in mind. |
| problems with trying to finance a log home and a | | | | - Mortgage Pre Qualification - First of all, you'll |
| variety of reasons that lenders just don't want to | | | | need to go through pre qualification. Getting a |
| lend money on a log home mortgage. Here are | | | | mortgage pre qualification is going to allow you to |
| just a few of the problems that you are going to | | | | figure out how much money you'll be able to get |
| encounter if you are trying to find a mortgage | | | | so you can get an idea of how much you'll be able |
| for your own log home today. | | | | to have to purchase the log home that you want. |
| - Today's Mortgage Crisis - First of all, you'll find | | | | - Mortgage Application - After you find the log |
| that today's mortgage crisis definitely has an | | | | home that you really want, then you'll want to go |
| impact on trying to get a log home mortgage. | | | | through the mortgage application process. You'll |
| Many lenders are already hurting or going under | | | | need to show your income amount, financial |
| financially, making it difficult for anyone to get a | | | | documents, pay stubs, and more. You'll also have |
| home loan, much less a loan on a "non-standard" | | | | to pay for the appraisal and an application fee. |
| structure like a log home. It's a difficult time to | | | | - Approval and Settlement - Next you'll end up |
| find financing and this gets even harder when you | | | | getting the approval for your loan. After you are |
| are trying to finance a home that already has | | | | approved for your log home mortgage, you'll need |
| difficulties when trying to find a good mortgage | | | | to give the lender a copy of the deed, the plans if |
| option. | | | | you're building a home, and a construction |
| - Difficult to Find Comparable Sales - Another | | | | contract. |
| problem you may have when trying to find log | | | | Finding a log home mortgage can definitely be a |
| home lenders is that it is difficult to find | | | | bit difficult since the homes are large and there |
| comparable sales for a log home. Many times it's | | | | are few comparable sales. However, if you really |
| hard to find log homes in a specific area to | | | | need to get a mortgage, one of the best ways |
| compare your home to, which means that lenders | | | | to get the mortgage that you need is to go with |
| are not really sure how much your home would | | | | a good mortgage broker. If you're buying a log |
| be worth, so they decide not to lend to you. It's | | | | home in Minnesota, try going with a Minnesota |
| a bit easier to get a loan in areas where | | | | mortgage broker to get the mortgage that you |
| comparable sales can be found, so keep this in | | | | need. More than likely they'll be able to help you to |
| mind when you are deciding where to purchase a | | | | find the log home lenders that you've been looking |
| log cabin today. | | | | for. |