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…
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Construction, 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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