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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Construction loans are shorter term, higher interest rate loans that cover the cost of building or rehabilitating a house. The lender pays a construction loan to the contractor – not the borrower -.
Building a brand-new home to your exact specifications may sound like a dream come true. But home development can get pretty complicated, especially if you need to take out a loan to pay for it.
This type of financing is referred to as a construction-to-permanent loan, or a C/P loan. Most of these home construction loans have a limited construction term, often no more than a year. During construction, the lender will disburse money to the builder as work progresses, and you typically make interest-only payments calculated on the amount of the loan that has been disbursed.
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Buying a new construction home can involve lots of exciting choices and unique opportunities. If you have your eye on a new construction home or a home that’s nearly complete, contact us today about a home loan for new construction homes.
Construction loans are short-term, interim loans used for new home construction. The contractor receives disbursements as work progresses. Contact a dedicated, experienced U.S. Bank loan officer to learn more about construction loans and to discuss current construction loan rates.
A construction loan is a short-term loan-usually about a year-used to fund the construction of your home, from breaking ground to moving in. With a BB&T construction-to-permanent loan, your construction financing simply converts to a permanent mortgage when your home is complete.
To get a construction loan, start by deciding if you want a short-term construction-only loan, which offers a lower interest rate but only gives you a year before you have to repay the loan. Alternatively, consider a construction-to-permanent loan, which has a higher interest rate but gives you longer to complete your project and repay the loan.
EXCLUSIVE PRODUCTS, EXPERT PACKAGING, EXTENSIVE KNOW-HOW Dedicated to the intermediary market, BuildLoan is the UK’s leading provider of construction based finance.
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