At the end of the construction process, when the house is done, you will need to get a new loan to pay off the construction loan – this is sometimes called the "end loan." Essentially, this means you must refinance at the end of the term and enter into a brand new loan of your choosing (such as a fixed-rate 30-year mortgage) that is a more conventional financing option for your newly completed house.
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A construction-to-permanent financing loan. This type of loan gives you money to buy the land and build the house. As the house is completed, the loan rolls into permanent financing. The construction-to-permanent loan is a multiple advance loan. Pre-Qualifying And The New Construction Home Loan.
Learn the nuts and bolts of home construction loans. and unfamiliarity of mortgage loans for new construction can temper your enthusiasm.
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How Constructions Loans Work. A construction loan allows you to build your own home rather than purchasing an existing home. The plus side is that you can design your new house to fit your exact needs on a piece of land you chose on your own.
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It’s exciting to have a home built for you, but the intricacy and unfamiliarity of mortgage loans for new construction can temper your enthusiasm.
Our National Builder Division is a dedicated leadership team with a network of lending specialists focused on lending for new construction. Along with the tools, resources and support discussed on this page, our team is ready to help your business expand.
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· The first step is determining how to get a loan to build. Starting the Process of a New Construction Loan. The initial steps of obtaining a construction loan are similar to buying an existing house: Meet with a lender to get pre-approved for the amount you can afford. Develop your wish list, including locations and features.
New Home Construction Financing. There are several New Home Construction Financing options in and around the Michiana Area, it is important you choose a Loan Officer with experience, is familiar with the local Home Builders, knows the loan programs available and has your best interest at the center of how they do business.