Making the decision to build your own home is an exciting and momentous time in anyone’s life. Our mortgage banker, Ryan Harding, at Security Home Mortgage can assist you in applying and qualifying for a residential construction loan. When you have a professional to assist you in the application process, you have the guidance you need to gather all the proper documents and information. Many future homeowners choose new home construction loans because of the many advantages it affords them. A newly constructed house can be designed specifically for your family with all the amenities you need. Receiving funding for your residential project is a real possibility with the help of our professional lender.
Types of Home Construction Loans
When you work with Ryan Harding, you’ll have a qualified banker on your side to assist you every step of the way. Security Home Mortgage has seen to fruition countless home construction loans that have given applicants the freedom to build their own house the way they want it. The amount of your residential construction loan will cover all costs associated with the plot of land, materials and permits as well as labor and other related fees. You’re welcome to consult with our experienced lender to understand which type of loan you qualify for or which one is most beneficial to you.
These are the two kinds of new home construction loans available to you:
● Construction-to-Permanent: While your house is being built, homeowners begin paying interest on the balance and it will be set according to the prime rate. New home construction loans typically have either a fixed-rate or variable-rate that extends between 15 and 30 years.
● Stand-Alone Construction Loans: Current homeowners can apply for this type of house construction loan, which allows them to make a smaller down payment. Although it requires you to pay fees for the construction and the permanent mortgage, it lets you stay in your old home until you’re ready to move in.