How Do You Get A Construction Loan (US)?
• Know your options. Today’s construction loan choices include the 30 year fixed, 15 year fixed, 1 year ARM, 3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM and the popular interest-only loans. You can get a short term 1 year loan that you have to refinance into a new conventional mortgage loan once the construction is completed. This two time process costs you two sets of closing costs and you have to re-qualify for the new loan once the home is completed, but you also have more flexibility when shopping for conventional mortgage loans than when you’re dealing solely with construction lenders.[1] A popular construction loan today is the “one time close”, also known as the “all-in-one,” “rollover” or “construction-to-permanent” loan. You have one set of fees and one closing. Loading… • Get pre-qualified for a loan. This will help to determine if the requested loan amount is within your budget. It will also allow you to find out what the monthly land or mortgage payment is going to be, and to mak
• Know your options. Today’s construction loan choices include the 30 year fixed, 15 year fixed, 1 year ARM, 3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM and the popular interest-only loans. You can get a short term 1 year loan that you have to refinance into a new conventional mortgage loan once the construction is completed. This two time process costs you two sets of closing costs and you have to re-qualify for the new loan once the home is completed, but you also have more flexibility when shopping for conventional mortgages than when you’re dealing solely with construction lenders.[1] A popular construction loan today is the “one time close”, also known as the “all-in-one,” “rollover” or “construction-to-permanent” loan. You have one set of fees and one closing. • Get pre-qualified for a loan. This will help to determine if the requested loan amount is within your budget. It will also allow you to find out what the monthly land or mortgage payment is going to be, and to make sure you quali
