The rates on this type of loan are higher than rates on permanent mortgage loans. To gain approval, the lender will need to see a construction timetable, detailed plans, and a realistic budget.
One-time close construction loans are more commonly referred to as construction-to-permanent loans, because the construction loan is converted to a regular or permanent mortgage once your home is complete. There is only one approval process, and the terms of the final loan are known at the initial closing, before construction begins.
Schertle bought a home in San Jose in the late 1990s when it was still possible to get a decent mortgage on a single teacher. could get up to $20,000 to cover permit fees and construction costs,
A construction loan is significantly different from a traditional mortgage. Learn how the different types of construction loans work, how to pick the right one and how to choose a lender before.
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