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SpinDistribute.com Article Directory

The following article was published in our article directory on January 21, 2011.
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Hints About Construction Home Loans

Article Category: Real Estate

Author Name: Kenn Fong

Many people enter their homes on a daily basis wishing it were different in some way. For others the thought of starting from scratch and designing the home of their dreams is more appealing. Regardless of the reason, understanding how construction home loans work can ease the anxiety generally associated with the process.

Finding the right lender often takes research and to convince them that an individual project is worthy often requires having a good story that goes along with the other paperwork submitted. These are different than traditional loans in that they are not underwritten by a larger company. However, there are also many similarities.

One of the advantages during building is that borrowers are only required to pay interest on their loans. For many homeowners larger construction projects lead to displacement so paying less until completion allows them to be able to pay lodging elsewhere until completion. Once a certificate of occupancy is acquired, the keys are returned and life can return to normal.

Remembering that the amount of monthly payment is based solely on the amount of money that has been disbursed can be very comforting for homeowners. This is usually based on an agreed to schedule of the completion date of each phase of the overall project. The interest rate is variable rate based on prime lending or another rate for short-term loans.

One of the big concerns of many homeowners is what happens to the loan after the project is completed and they try to adapt to the new payment. Loans called construction-to-permanent financing is available where the loan is automatically converted to a regular mortgage after completion of the project. The advantage is that this means a borrower completes only one application and has only one closing. This is not only time-saving, but efficient.

One of the most important aspects of any project is the long-term financial planning. A large renovation or build cannot happen overnight and requires several steps. Initially there are many soft costs that must be covered such as architectural plans, engineering costs, and fees associated with permits. Only then can a construction loan be applied for. As opposed to the soft costs associated with the first part of planning, these are hard costs. Finally are additional costs which also must be covered such as emergency expenses, inspection fees, and closing costs. Although it seems like a lot, with the proper planning, all the financial needs can be covered.

Building a dream can take time and money, but with the construction home loans currently available any dream can become a reality. The trick is to take into account all potential costs then have a contingency plan so that the dream becomes a reality.

Keywords: construction home loan

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