For the propective property owner who would like to build their dream property up from scratch, there clearly was a certain economic help item available to you for your needs: the construction loan.
The thing that makes a construction loan not the same as a standard home loan?
That you can use to cover the costs of building your own home as you might expect, a construction loan is a type of mortgage product. It is almost always a short-term loan that is extended over the length of time you will need to finish the construction for the home.
The dwelling of a construction loan is very unique of the typical home loan you would used to purchase an existing home.Read More