I am wondering if one of our mortgage experts here would be willing to give me some advice.

We are planning to rebuild our home after losing it to a fire in January. We still have our loan with Penny Mac and I have received a check from the insurance company for the full amount of the policy. It is made out to both me and the lender so we both need to endorse it in order to cash it.

A representative from Penny Mac told me that I do have the option to keep the loan and use it as a construction loan for the rebuild and I think this is what would be in our best interest because of the lower rate from six years ago when we bought the house

I think the rebuild is going to require us getting some additional financing. My builder says we probably need to go ahead and get all that lined up in order to not delay the process.

I really don't even know where to begin to try to understand this. Obviously, I will need to talk to Penny Mac and much more detail but the rap I spoke to a while back was fairly worthless so I wanted to see if I could get a better understanding of my options and the process before I reach out again.

I know this is an unusual circumstance so maybe nobody will have any experience with it, but wanted to ask.

Thanks!

Where is this located?

San Antonio

I'm retired but originated a lot of construction loans including rebuilds, renovations, etc. I can put you in touch with someone in San Antonio with a great deal of experience with this type lending if you'd like

Mark Drew 210 343 4441
Mark has been with Amegy Bank for years and very experienced with construction lending.

Thank you so much. Do you think he would be calling Gist to pick his brain for a few minutes?

He's an Aggie too by the way. I called him this morning and clued him in. Give him a call.

Thank you!

Sorry I meant to say you can delete his contact info. I got it. Thanks again.