What happens at closing?
For the most part a construction loan closing is very similar to a non-construction loan closing. If you are closing the loan at the...
I have my own business, is that a problem?
No. It has no impact on the loan itself. It will impact how much income documentation may be needed. Because lenders are required to...
If I pay cash for the property, can I pull equity funds back out?
For timing purposes, occasionally people will purchase a property with cash that they will be tearing down and rebuilding or remodeling....
Is the interest rate fixed during construction?
Yes. The rate is locked in prior to closing and fixed during the construction period. A typical construction period is 12-18 months....
Should I put down a lower down payment?
You may want to consider putting down a lesser amount for your down payment thus maximizing the loan amount you are able to obtain based...
