Construction loans to build your dreams!
Building a home can be intimidating. It requires both time and money you may not feel you have. We can’t help you with time, but we can help you fund the construction.
Construction loans are loans to buyers or builders to help move the project forward and get people into their new homes as quickly as possible. Here are few important things to look for when considering a construction loan:
Building a new house while carrying your current mortgage or rent can be impossible without payment deferral. By deferring payments to when the construction is complete, you can get all the funding needed to build a great house without the additional expenses of a loan payment.
Easy cash distribution
Contractors often need payment quickly to keep sub-contractors happy and working on time. When considering construction loans, make sure there is an easy way for the bank to pay contractors directly. By doing this, you can minimize delays to construction and keep the project moving forward as scheduled.
Conversion to long term loan
If you choose to build a home, there is a good chance you will want to convert the construction loan into a fixed rate mortgage upon completion without additional cost or hassle. Be sure to ask if your construction loan can be converted to a long-term fixed rate home loan upon completion of construction.
First Bank provides construction loans with payment deferrals, easy cash distribution and a simple conversion to long-term mortgage so you can build the home you want without the worry of carrying costs while it’s built.
What can you do with the lender credit?
Use it towards your closing costs or fees
Save money to invest in more upgrades for your home
Buy down your rate in a quickly shifting market