Housing Market Update
Due to the shortage of available homes for purchase, many people have no choice but to build a new home
A construction loan is used to cover the cost of building a home. Once build is complete, loan need to be converted to a permanent mortgage
Pros of building home: only pay interest during the building phase, more control over the finished product, and you customize your home to your needs
Cons of building home: not as easy as borrowing for other loans, more decisions need to be made, carefully manage your budget, and construction loans are for a specific amount of time
To qualify for a construction loan, you need to give your mortgage advisor some time and a detailed description of your plans
Want To Work With Us?
Fill out the form below and someone will be in touch within 24 hours (or sooner)!