you are building a home, then you are in need of construction
financing. Construction mortgage loans typically require
interest-only payments while the home is being constructed and
due upon completion. Construction loans usually are meant
to be short term and then are replaced by another more permanent
loan once a home is built.
Construction mortgage loans are usually an adjustable rate loan
at prime rate plus a short-term interest rate. For many a
construction-to-permanent construction loan works best, the
construction loan is converted to a mortgage loan after the
certificate of occupancy is issued. Note: A home is not
considered complete until the certificate of occupancy is
issued. Compare free multiple construction mortgage loan quotes
with no obligation today with AllOptions.