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Can I utilize a construction-to-permanent mortgage to finance the renovation or demolition with reconstruction of my existing home?

April 26, 2017construction-to-permanent demolition existing Finance Home mortgage reconstruction renovation utilize

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Can I utilize a construction-to-permanent mortgage to finance the renovation or demolition with reconstruction of my existing home?

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A. Yes, our Construction-to-Permanent loan can be customized this way but Merrill Lynch must hold the first mortgage on the property. Your new loan amount plus your cash investment must be sufficient to retire the existing first mortgage and pay for the improvements. Learn more about the Construction-to-Permanent loan program.