Help for first time builder - Home Loan
We are building a $300,000 house on our property. We want to put down 100K. Our mortage people suggested we borrow 200K but to use our money first so that we will not have to pay interest. Our builder says that we can borrow the 300K and keep our money till the end and then we could buy points for our interest rate.
I was just wondering if anyone had experience with this and can offer information.
Also, what happens to the extra money if we borrow 300K and we build the house for 200 or 250K? Meaning do we give it back to the mortgage company or do we put it toward our mortgage?