Many individuals dream of building their own dream homes. Unfortunately, not all has the money to pay for house construction in cash. Getting a mortgage directly is difficult since lenders cannot place their investment in a property that is not even yet in existence.Good thing a construction Read more
Refinancing a Construction Loan
A construction loan is a favorable loan option for those who want to build a new home or renovate an existing property. These specialized loans are short-term and usually paid interest-only during the loan term which is typically a year at maximum.The proceeds of a construction loan are not Read more
Why is it Risky to Take a Stand-alone Construction Loan?
Building a house is such an exciting time. You get to pick the options and basically draw up the blueprints alongside the architect. There is nothing that can compare to creating your custom house. The downside to this building method, however, is the financing that is involved. You have to come up Read more
What are the Credit and Income Qualifications for a Construction Loan?
A home construction loan is a completely different type of loan than any other home loan. Lenders are taking the risk of providing you with funds for a home that is not built yet, which means that there is very little collateral involved in the process. The case is even riskier if you do not own the Read more