Mortgages, loans, financial matters

The typical construction loan is normally an interim or short-term financing that provides the borrowers and their contractor with the funds to build a new home. They are short-term loans in that they must be paid off or refinanced immediately after the construction is completed. In some cases, the construction loan will only cover the [...]

An important clarification must be made between two seemingly similar situations that require two differing loan programs. A construction loan is required when the borrower’s funds are needed for the actual building of the property. Large-scale developers usually do NOT require the buyer to obtain “construction” financing. Instead, most developers will require that the borrower [...]