Home construction loans help you finance your new home from the ground up. This page describes the typical Terms for Home Construction Loans, and is the second part of our article that will help you understand all about construction loans and how they work. [Click here for Part 1 of this Article on Home Construction Loans] << Previous Page Terms for New Home Construction Loans In addition to construction budgets, draw schedules, converting loans and some of the other unique aspects of construction loans we’ve described, continue reading to learn about how construction loans work and the typical loan terms….
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Construction Loans: Financing Your New Home from the Ground Up
Home construction loans help you get from a vacant lot…into your dream home. So if you’re dreaming of building a new house from the ground up, you first need to understand construction loans. Home construction loans are not like most loans and in this article we describe how they work, typical loan terms and how these loans are different from other real estate loans. Also read our other articles in this series on real estate loans for buying land and building homes: First, generally learn about lot loans, land loans and construction loans so you can decide what type you…
Read moreLand & Lot Loans: The Dirt on Financing Your Property Purchase
In our first article in this series we help you decide between loan types, and whether your situation means you need a construction loan, lot loan or land loan for financing a lot purchase and building a new home. We’ve also described the details about home construction loans and their unique terms and procedures. This article gives you some more information about the particulars of Land and Lot Loans. It’s safe to say that loans for vacant land are different than “purchase money loans” for buying already-built homes, and there are a number of reasons why banks treat land and lot loans differently. In…
Read moreConstruction, Lot & Land Loans: What Type of Loan Do You Need?
Buying land and building a new home can be an exciting experience, and if you plan to get financing you need to understand your options related to lot loans, land loans and construction loans. What kind of loan is right for you? Even though it may seem obvious, this question does not always have a clear answer and the subject often is misunderstood by potential borrowers. It’s important to understand that these loans have unique characteristics and the lending options that are available for you will depend on factors like your personal situation, the type of property you are buying,…
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