35 years of doing business with T
& M. Call 1-800-892-2096
T & M Building Co., Inc.
Mortgage Information
Certain lenders are quite familiar with working with T & M customers. Two such lenders are shown here.
35 years of doing business with T
& M. Call 1-800-892-2096
Representative can meet you at T & M model. Call
203-627-5247
Some lenders may allow T & M purchasers to lock in the initial interest rate on their mortgage for nine months.
T&M purchasers who enter into a contract with T & M to have a new home built for them generally do not actually close on the purchase and take out a mortgage until their home is completed. In this way, customers do not have to pay interest on a construction mortgage during the period in which their home is constructed. For example, a customer might apply for a mortgage loan in January but not need the funds until June. Lenders who only hold rates for 60 days would sometimes leave buyers very apprehensive as their house was being built, especially during times of rising interest rates.
With a rate lock T & M purchasers, can have peace of mind knowing that regardless of what happens to interest rates the initial rate on their mortgage will never exceed a certain rate, provided they close within 270 days. In the event rates drop during the period their home is built, options are available allowing the person to get a lower initial interest rate than what the locked-in rate was.
The rate lock is even available to T & M purchasers paying no points for their mortgage.
T & M's Shared
Appreciation Program allows purchasers to lower the
initial
purchase price of their home by 10% in return for giving T & M a share of their future appreciation. This program is also helpful in
allowing
purchasers with a downpayment of 10% of the purchase price to avoid the
costs of private mortgage insurance.
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