Construction Financing Made Easy
Terms you need to know:
Construction and Permanent Loans
A construction loan is basically a short term line of credit loan that pays off upon completion of the project when the loan is “taken out” in the form of permanent financing. The main thing construction loan lenders need to know is that you have a lender set to take out the construction loan in full upon completion of the project.
Select a Lot loan to finance the purchase of a residential lot for future construction of your primary residence or second home. When you are ready to build, a lender can help you with your Construction-To-Permanent loan.
Don’t wait to sell your old home before building your dream home. You can access equity in your current home to use as the down payment on a Construction To Permanent loan.
Ask about a Remodeler Loan designed for the homeowner who is making a major improvement to their primary residence. This unique second mortgage calculates the value of the home by adding the value of the planned improvement to the home’s current value. You get immediate access to the construction funds at loan closing. That means more dollars are available to style your home.