How should a borrower choose a construction loan?
While interest rates and fees will play a determining factor in a borrower’s decision for a construction loan, the borrower also should place equal emphasis on the loan features being offered. The best deal is one where the borrower can accomplish all of their objectives. When working with the right lender, a borrower has the ability to tailor a program to meet: cash flow, interest-rate, and project goals. Working with a construction loan expert will make all the difference in how smoothly the transaction is executed and will educate the borrower on the process so there are no hidden surprises after closing.
Related Questions
- If a borrower sells his or her current residence during the construction term and wishes to pay-down their construction loan (principal reduction), how will Construction Loan One treat this?
- What if a borrower owns a lot free and clear and wants to get cash back on the equity from the construction loan?
- Is there ever a possibility for the borrower having to pay a pre-payment penalty with Construction Loan One?
