If the loan to value (LTV) ratio of a first mortgage is greater than 80%, lenders generally require private mortgage insurance (PMI). In such a case, it can sometimes be economical for a borrower to limit the size of the first mortgage to an 80% LTV and use secondary financing to borrow the remaining amount needed.EFINITION of 'First Mortgage'. A mortgage in a first lien position on the property that secures the mortgage. A first mortgage has priority over all other liens or claims on a property in the event of default.
Not all custom homes are designed by an architect. Custom home design companies may create custom home plans as well. Their costs typically range from $1.50 per square foot to more than $2.50 per square foot for the total project and home size. For smaller homes, this may be a budget-friendly option. However, for larger homes, this can be a substantial budget item.
Good question, but too many variables to answer without more detail. Location, size, level of finish and many other factors can cause the costs to soar. You could build a home for $150 to $200 per square foot, but certain areas and finishes could conceivably double that amount.Especially when you say 'custom' home. There are builder homes, semicustom, and ultimate custom homes with unlimited costs involved to get exactly what the buyer wants.ood question, but too many variables to answer without more detail. Location, size, level of finish and many other factors can cause the costs to soar. You could build a home for $150 to $200 per square foot, but certain areas and finishes could conceivably double that amount. Especially when you say 'custom' home.