Write us at Construction Loan Quoter, 626 RexCorp Plaza, Uniondale, New York 11556
This is a loan that has only one closing. The lender provides both the loan for the construction of the home and for the permanent mortgage..
This loan has two separate closings and may require two separate rates and two separate sets of closing costs.ï¿½ The advantage to this loan may be in qualifying flexibility. Often times, a lender may offer loan approvals that may not be available under a One Time Close Construction Loan.
This loan requires a borrower to obtain a permanent mortgage through a separate lender. This is usually because the construction lender specializes only in short term, aka interim, construction financing. These lenders are often used in ï¿½special circumstanceï¿½ loan situations. These lenders often provide the ultimate flexibility in qualifying or some other aspect of construction.
This is a loan for owners who want to substantially remodel their home.
This is a loan for properties where construction has already commenced but still needs funds to finish.
This is a loan provided to build a home for the purpose of selling it for profit.
This is a loan provided to owners who will participate in the construction of their home.
This is a loan provided to owners who want to act as their own general contractor
These are loans where borrowers are not required to document the amount of income they earn as a requirement to qualify for the loan.