What Can I Do To Prepare For Applying For a Construction Loan?
Being prepared to apply for a mortgage can be very helpful in making the process smoother. Mortgage companies are required to “fully...
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....
Do I need plans and a budget for a construction loan?
Do I need plans and a budget for a construction loan? Yes. The appraisal on a construction loan is completed based on the plans, budget,...