| CONSTRUCTION MORTGAGE LOAN |
What Is A Construction Mortgage Loan |
A construction mortgage loan is a loan that is designed to finance the construction of a home. Generally when a builder is offering to build a home they want financing in place. In addition if you own a lot and are building a home yourself with a contractor you will need to obtain financing. In many cases one can obtain a construction loan as well where the financing is doled out during the construction process and then at the conclusion the loan is transformed into a fixed rate permanent loan. This type of loan allows a person to obtain financing in order to complete the building and allows the lender to verify that quality work is being done during the building process before securing the mortgage with the finished product. |
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