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Summary: Obtaining a construction loan for a dream home involves going to a bank or credit union and filling out any necessary paperwork. Find a construction loan by searching online with tips from a licensed mortgage broker in this free video on home loans and equity.
Adriel Torres has been in the mortgage business for over a decade. He has owned two mortgage companies and is a licensed mortgage broker. Torres has been doing credit repair since...read more
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"So, you're thinking about building your dream home, or perhaps your retirement home, and you want to know how to obtain a loan, in order to do so. No problem, I'll be able to answer that for you. My name is Adriel Torres. I'm the owner of ultimatecredittoday.com. Now, a construction loan is a special type of loan, that is taken out by a borrower, to build a home, and ultimately either repay it, or that loan, depending on the lender, can be turned to what is called a fixed loan, or construction to permanent loan. Now, first is the construction, then it becomes a permanent loan, just like a mortgage, with an interest rate, and the terms, and so forth. Now, there are specialty lenders out there, that do these construction or permanent loans, so my suggestion is to go to your local bank, or perhaps search online, for construction loans, and you will find lenders that do these loans for the construction period, and also find lenders that will do the loans on the lot. Whether you own it or not, or you found a lot, and you also need to finance it, there are lenders also that would do the loans for these lots, and then you can get a construction or permanent loan, from a different lender. Again, that's how it's done. My name is Adriel Torres, and I'm the owner of ultimatecredittoday.com. Thank you very much."
eHow Article: How to Obtain a Construction Loan to Build Your Dream Home
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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