How do I know what my financing options are?įirstly, it is important to work with an experienced local lender who can help you determine the best options for you. After the construction project, the loan converts to a fixed-rate loan with a variety of terms available. During the construction phase, you can typically expect to make low-interest payments only to help you keep costs low. You can even use a construction loan for certain types of energy upgrades. What is a construction loan?Ī construction loan is a short-term loan that funds the building of a new home, camp, or other real estate projects such as an investment property, manufactured home, or condominium. But how much time have you spent thinking about financing your project? With a little bit of planning and a partnership with the right lender, you can get approved for a construction loan that will take you from daydreaming to breaking ground. If you have been dreaming of building a new house or maybe even a camp that will give you a relaxing escape in the warmer months, you might have spent lots of time thinking about what it will look like and where it will be.
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