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Housing Market Update

Construction Loans

  • 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

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