Classic Homes of Maryland Newsletter
News, Events, & Advice from the Classic Team
August 2010
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Welcome!
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The Latest from Classic
This is your place for the most up to date news in the building
industry, tips to help you in your building endeavors, and information
about our upcoming events.
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Attend Our Upcoming Events
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AUGUST
21st- Private Home Tour: Kingsmill Model
Saturday, 11am, Gainesville, VA
Take
a private tour of one of newly finished homes from our Classic Series,
the Kingsmill Model. Meet with Classic sales representatives who will
answer your questions and enhance your understanding of the building
process.
Register Here
SEPTEMBER
15th- Building Seminar: Howard & Baltimore Co
Wednesday, 7pm, Baltimore
Learn all about building on your lot
including site work, permitting, construction financing, how to save on
costs and more at this 90-minute informative seminar. Refreshments will
be served.
Register Here
16th- Building Seminar: Montgomery Co
Thursday, 7pm, Gaithersburg
Learn all about building on your lot
including site work, permitting, construction financing, how to save on
costs and more at this 90-minute informative seminar. Refreshments will
be served.
Register Here
RSVP: Classic Homes Event Page
Seating is limited, advance registration is required.
For more events see our Events Page
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Classic's News
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Tour a New Model in Baltimore!
The
new "Cambridge" model home, with its expansive open floor plan,
showcases some of the most requested and unexpected features found in
luxury homes today. The Grand Foyer with curved staircase opens to a
large two-story Family Room with floor-to-ceiling windows and doorways
to a separate screened-in porch. The Family Room is open to a spacious
Gourmet Kitchen equipped with top-of-the-line Viking brand appliances
and a hidden pantry room large enough to become a prep kitchen, and to a
Morning Room to the rear. A spectacular Master Bedroom Suite features
his and hers walk-in closets, a kitchenette, granite fireplace, private
balcony to the rear, and a spa bathroom including a whirlpool tub,
all-glass shower with dual shower heads and a separate steam room, all
finished with rare imported stone. The home also has a completely
finished lower level that includes an exercise room, media room with
surround sound, additional Bedroom Suite, full-size granite bar, and
ballroom-size recreation room, with a walk out to the rear stone patio.
The Cambridge model is built by Windsor Luxury Estates, a
sister company of Classic Homes of Maryland that specializes in high-end
home construction.
The 10,000
sq ft home is now open daily from 11am to 5pm, closed Monday and
Tuesday, and is located at 12210 Worthington Rd, Garrison, MD 21117.
Call 410-929-5004 for more information or to schedule a tour.
View model elevations and floor plans here. |
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Builder Advice: Ask Anne
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Q: Dear Anne,
We just
met with a builder and found a house plan that we love. We already
own our lot where we will build and think the time is right to move
forward. Our builder suggested talking to some lenders about obtaining a
construction-to-permanent mortgage for the project. How is
construction financing different than a regular mortgage?
- Wondering in Washington
A: Dear Wondering,
In
anticipation of building you will want to establish a source of
financing for your new home. Many homeowners choose to fund the project
through a construction loan which is both similar to, and different
from, a traditional mortgage. A construction loan is obtained through a
bank that offers construction financing (not all banks offer this type
of financing). The bank will usually be able to pre-qualify you though a
short simple phone call. To obtain full approval, your lender will
work with you and your builder to obtain all the documentation necessary
to successfully complete the loan application. The construction loan
funds will be disbursed to your builder (with your approval) according
to a pre-determined draw schedule which is based on the phase of your
construction. The schedule for these draws will be included in your
contract and occurs throughout the time your home is under construction.
Once your home is near completion you will modify your construction
loan into a conventional mortgage at terms that have been agreed upon by
you and the lender.
Some homeowners choose to pay for their
home out of their existing assets rather than through a loan. In this
case you will work with an Escrow Agent who will place your money (equal
to the amount of your contract) in an escrow account. The funds from
this escrow account will be distributed in the same manner as the funds
mentioned above for a construction loan, but at the end of construction
you will not have any outstanding financial obligations on your home.
- Anne
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Builder News |
Mortgage Application Volume Rises 7.6% Last Week on Record Low Mortgage Rates
July 21, 2010
Baltimore Sun
By Associate Press
Applications
for home loans rose last week as rates on 30-year and 15-year loans
sank to the lowest levels on the survey's record.
The Mortgage
Bankers Association said Wednesday overall applications increased nearly
7.6 percent from a week earlier. That incorporates an adjustment for
the Independence Day holiday.
Applications to refinance home
loans climbed 8.6 percent. Applications taken out to purchase homes rose
3.4 percent, fueled by an 8-percent rise in government purchase
applications.
To request the full article Click Here. |
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Contact Information
phone: 301-256-4110
email: sales@classicmd.net
www.classicmd.net
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