Jeanine's Home Building Story
For four years, my husband and I had been of looking for “the right home”, watching the prices climb higher and higher, and finally bought a lot with plans and permits ready to go. We thought we were crazy, but we loved the process of building our home (with a great contractor), and have been living in it, grateful daily, since November of 2004.
Financing our home building project was a test of our determination. We started with a large bank that advertised lot and construction loans. After over a month and many hours of consulting, we were told that the maximum they could loan us was significantly short of what we needed for the project (why weren’t we told this at the beginning?). We then went to another bank. I spoke with a lender who specializes in land, not construction, and he sent me to a third bank that finances many local construction projects. Once again, they could not loan us what we needed.
But in the process, I found out that we could take out a 90% equity line of credit on my husband’s condo, and use that money as the down payment for our lot and construction. This allowed us to access the equity in the condo without forcing my husband to sell it and move. I was excited - we were starting to get creative. Now, I just needed a lender who could loan 75% of the project costs...
Then I met Jim Chubb at Pacific Inland. He works with a bank that could finance our lot, our construction, and also guarantee us a rate on a permanent loan once construction is complete. Jim was great. He stayed flexible as we changed our minds about buying vs. building, then got the loan through quickly when we decided to take the leap of faith with the construction. Jim managed to get us the loan even though I am self-employed and my husband is a college teacher. The loan even includes an “interest reserve” so that it pays for itself during the construction period. Our home is a magical healing place.
During the months before our purchase closed, Jim and I became friends. He became a client of mine. We talked about spirituality and healing. Then I approached him about working with him in the mortgage business. I have been an energy healer for 15 years - I will always do healing. I see my association with Pacific Inland and Jim Chubb as expanding into a new realm of healing - the realm of working with the energy of money and homes, the realm of helping people to realize their dreams and become more financially empowered.
Visit my Construction Loan page for more information.