American Log Mortgage is a company that specializes in providing finance for the building or purchase of already existing log cabin homes. This puts them in a niche market for specific housing needs, and therefore makes their loan criteria for applicable housing needs equally specific. If you are looking to build or purchase a home made in the traditional log manner, then a good choice for a mortgage lender would be American Log Mortgage. The company is involved in the log building process from the suppliers all the way up through contractors, designers and labour. They have an extensive list of customer feedback and photos of log homes they have financed, and the reviews have been glowing. Their expertise and involvement in the log home industry would certainly be a benefit for anyone looking at getting into a log home with a mortgage.
Loans Funded by American Log Mortgage
The company offers two main loan types, or loan programs.
First is the Construction or Permanent loan. This is called a one step or single close loan. The lender provides both the construction financing and permanent financing in a single loan. During the construction of the home, periodic draw payments are made to the builder that is based upon work completed. Upon completion, the loan becomes a permanent loan. The construction interest rate and permanent loan rate is normally locked in to protect the buyer from increases in interest rates during construction.
The other loan structure available is the Separate Construction and Permanent Mortgage program. This is essentially the same as the first type of loan, except it has some disadvantages associated with it. There are two sets of closing costs associated with the separate construction and permanent mortgage program because the construction loan is a separate loan from the permanent mortgage itself. The costs are normally the title insurance, documentation and loan fees.
Both of these loan structures are normally provided through the American Home Bank, which owns American Log Mortgage.
Recent American Log Mortgage News
American Log Mortgage company, which is a subsidiary of American Home Bank, recently received a 2006 EXCELLENCE IN MARKETING AWARD for its associate brochure from The Building Systems Councils of the National Association of Home Builders. The award honours the builders and manufacturers that are responsible for the finest marketing materials and home designs in the concrete, log, modular, and panellized home building marketplace. The award winners are featured in the January/February 2006 issue of Building Systems Magazine.
The popularity of log homes has been growing recently with consumers and builders alike. The benefits of building with logs, which include rapid construction time, controlled product quality and overall energy efficiency, addresses many of the residential construction industry’s current obstacles. These obstacles include a shortage of skilled labour, building materials price increases and cost control.
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