Welcome to Construction Loans Guide
Construction Loans Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Important Information on Home Construction Loans
from:Did you know that you could get a loan to cover the cost of building your own home? It's true, although there is a lot of information involved in this. Instead of buying a home that is already built, you can buy empty land. This is great because you can then get the exact house that you had always dreamed about. Before you go out and apply for one of these home construction loans, there are some things that you need to know first. They can actually be fairly complicated.
Mortgage Versus Construction Loans
Mortgage loans are actually quite different from construction loans. For one, you need to buy a home that is already built for you to use a mortgage loan. Beyond that, home construction loans also have a different interest and pay schedule. While there are several different kinds of construction loans, most will require that you only pay interest during the building period of your home. After it is completed, you will then need to start paying off your loan in full. Mortgage loans are different because you start paying a large monthly fee, including interest, from the get-go.
Different Types of Home Construction Loans
There are actually several different types of these loans. As mentioned above, you could get a construction loan for your home that you need to pay back in full when you're done with construction. Unfortunately, most regular people can't afford to pay back a loan like this, especially when it totals $100,000 or more.
Instead, there are home construction loans that don't have to work out this way. These are called construction-to-permanent loans. These differ because the construction loan turned into a mortgage loan once the house is completed. In the end, this will save you a lot of money in monthly payments and interest. Be sure to talk to your lender to make sure that they offer this kind of loan.
Finding a Good Lender
While almost all local banks offer mortgage loans, that isn't the case when it comes to home construction loans. If they do, they often don't have enough choices or experience in the matter. Instead, you should try to get one of these loans from a national bank. You will have a much better chance of getting the best options this way.
You should also make sure that the lending officer you work with actually knows their stuff. Home construction loans can be very complicated. You need to work with a lending officer that has experience with these kinds of loans. Otherwise, you may not get what you actually need.
Construction Loans Specific links
Construction Loans News
Government loans need definite re-payment agreements - PAC
Accra, Feb. 8, GNA - The Chairman of Public Accounts Committee (PAC) of Parliament, Mr Albert Kan-Dapaah, on Wednesday called for definite repayment agreement for companies that were granted Government loans.
Read more...St. Cloud City Council OKs construction assistance loans
St. Cloud City Council unanimously approved a new program Monday meant to spur immediate business construction projects.
Read more...Hoku Corporation Announces Term Extension of $50 Million Loans
HONOLULU, HI-- - Hoku Corporation , a solar energy products and services company, today announced the extension of the maturity date of $50 million in loans from Tianwei New Energy Holdings Co., Ltd., ...
Read more...Construction spending finally in a tiny rebound
Construction spending in Florida is finally in a tiny rebound. The bad news: Housing permits are still 80 percent off their peaks.
Read more...Hoku Corporation: Update on loans from Tianwei
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
Read more...