Construction Loan Vs Mortgage Loan

A Conventional Construction-to-Permanent mortgage loan is used to finance the construction of the borrower’s home and permanent mortgage into one transaction with a single closing. Call us at (866) 772-3802

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Because construction loans are risky in general, you can expect construction loan rates to be higher than conventional loans as a whole, but other factors play a role. Construction Loan Rates: Down Payments Play a Part. Most lenders have a minimum down payment they will allow for a construction loan, but this amount varies by lender.

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The rates on this type of loan are higher than rates on permanent mortgage loans. To gain approval, the lender will need to see a construction timetable, detailed plans, and a realistic budget.

Single-close construction loans allow you to get both loans (the construction loan and the permanent loan) at once. When construction is completed, your loan becomes a traditional mortgage (your lender might say it gets converted, modified, or refinanced). These loans are also referred to as construction-to-permanent loans.

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A construction-to-permanent loan is a type of mortgage you can use to finance both the building and the purchase of a new home.You can potentially save money on closing costs and avoid underwriting complications when you use one of these loans to finance your new house.

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This is a question I get a lot from my clients. The qualification guidelines are similar to a purchase mortgage loan but construction loans are somewhat different in other ways. For example, the interest rate is typically locked in from the time of application to the completion of your home.

Converting Construction Loan To Mortgage Construction loans are typically short term, just long enough to build the home. At the end of the construction period, the construction lender wants all their money back which the borrower.