Construction
Loan - A short-term loan that a lender makes for the construction
of homes and buildings. The funds are disbursed in the stages of
the construction.
The
underwriting procedure of a typical Construction Loan is different
from that of a purchase mortgage or refinance. One distinct difference
is in that the lender, in addition to examining the borrower's
loan qualifications, often scrutinizes the contracted builder's
experiences in building structures similar to the subject property.
But with our loan the builder doesn't have to provide this
information. They only need to be a registered builder in
Texas.
One of the
most popular construction loans is the Construction-to-Permanent
loans which allows a one-time close. The one-time close
allows a borrower to lock in lower interest rates at the time
of construction. The one-time close we have available for
our clients are much more flexible than the typical construction
loans.
Our constuction
loan benefits:
- No builder
qualification
- Our lenders will not be so concerned with the builder's credentials
as much as they will just want to know the builder is a licensed
or registered builder. Most construction lenders require
the builder to go through their own qualification process and
we have eliminated that step to make our process much faster
and easier on all parties
- 5 different
draw schedules for builders with different needs
As you can
see there are many factors to take into consideration when applying
for a construction loan. We would be happy to assist you by going
over your different options and getting you prequalified. Simply
fill out the form below and we will contact you right away.
|
