Construction Loans for Property
When you purchase a property that is nearly completed or has just been completed, the mortgage process is much the same as buying an existing home. The only difference is that the surveyor may have to go back to the house once it has been completed in order to assure the lender that the home was completed as expected.
If you are building a property, or have built, a new home to your specifications, the process may take one of two directions. Depending on the builder's requirements, you may need to obtain either an end-loan or conventional mortgage with a longer than normal rate lock, or what is called a construction-permanent loan.
We currently work with lenders who offer property construction loans. Each has slightly different requirements and programs. Between them, we can do a variety of construction loans. We can do loans if you are a builder (model or spec), want to be your own general contractor or if you plan to use an established builder.
What is particularly important is that there be only one closing and one set of closing costs. Each of our lenders offers construction loans with a variety of their terms, rates, fees and length of interest rates offered vary.
Since we have extensive experience in the property Construction Loans market, we feel especially qualified to help with your new construction financing mortgage
