A Construction loan is a short-term loan to fund the construction of your new home. When the building is complete, your construction loan will be converted to a long-term mortgage. When you purchase an existing home, the financing process is complete when the loan closes. With a new Construction loan, the closing is only the beginning.
If you're planning to build a custom home or buy property for a future home, this loan may be the right option for you. Here's more on what you need to know about Construction Loans.
- The convenience of construction to permanent loan options
- Financing for new construction