CONSTRUCTION
New Builds and Existing Structure
Construction loans are short-term, interim loans used for new home construction or construction on an existing structure. The contractor receives disbursements as work progresses. This is different from a mortgage, and it’s considered specialty financing. Once the home is built, the prospective occupant must apply for a mortgage to pay for the completed home.
Best place to start is with a reputable builder/construction contractor. You can contact your local chapter of National Association of Home Builders. You can get referrals from friends and family and even from real estate agents whom specialize in home construction.
Whether you are purchasing a new build or constructing on existing property, it is always good to do some research into the professionals you are considering hiring.
Here are some things to consider:
What experience does the builder have in building the type of residence you want constructed?
Does the builder meet state licensure and insurance requirements?
What reputation does the builder have in your community?
Contact us today to see what we can help you build!