A construction loan is typically a short-term loan used to pay for the cost of building a home. It may be offered for a set term (usually around a year) to allow you the time to build your home.
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Enter the construction loan. Sometimes called a self-build loan or construction mortgage, a construction loan is typically a short-term loan (usually one-year maximum) used to cover the cost of.
At that point, you then get a mortgage for the house you’ve built, which will pay off the balance of your construction loan. There are no prepayment penalties with a construction loan so you can pay off the balance whenever you like, either when it comes due or before then (if you have the means).
Construction Loans Are Like A big credit card The best way to think about a construction loan is to compare it to a giant credit card that only lasts until the home is built. At that point, you then get a mortgage for the house you’ve built, which will pay off the balance of your construction loan.
If you plan to sell your current home before you move into the new home you’re building, you may be able to qualify for a construction loan even if you wouldn’t be able to afford both mortgage payments at once.
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The average time to build a house is four to 12 months. The amount of time varies with the complexity of the job, the skill of the builder, and outside forces like weather. A small production home on a fraction of an acre lot might take four to six months.
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If there’s land you want to purchase and build a home on, but you have yet to choose a builder or secure any additional details regarding construction, a lot loan is the perfect option. Lot loans give you 12 months to pick a builder and set final plans for your home, putting time on your side.
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