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Financing
Construction loans provide the financing for the construction of
your new home. Most financial institutions require you to
take out a construction loan rather than a conventional
mortgage. The construction loan is often blended into a
conventional mortgage once the house is finished and in many
cases without any additional fees.
Under a construction loan, a builder receives "draws" from the
bank as various phases of the construction are completed.
The final draw comes when the home is completed.
A financial institution of your choice will educate you on the
various loans available and will consult with you on the most
sensible and advantageous loan for your situation.
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