A construction/remodel loan can fund the building of your dream home, or major improvements. They're a little more complicated than traditional loans, but may be the best solution.
Our most common construction loan is actually a 2-in-1 or 3-in-1 tool. It can fund the purchase of the lot, the construction of the home, and then automatically convert into permanent financing–all with one closing. Sound good? It is. It functions like a line of credit where the first draws pay for the lot and/or architect fees, and/or permits, etc. More draws come during, and at the end of, construction. Then the loan converts, making the final drawn amount your new mortgage balance, and usually rolls into a fixed-rate mortgage.
Sometimes there is a less costly or simpler option for financing construction. We look carefully to see if you have such options, and often we find one! We urge you to contact us right away to narrow in on the best solution.
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