Upcoming webinar on construction loans
A construction loan generally refers to a short-term loan which is intended to cover the cost of building or renovating a home. The lender converts the construction loan into a permanent mortgage after the contractor finishes building the home. The permanent mortgage is like any other mortgage. You can choose a fixed-rate or an adjustable-rate loan and specify the loan's term, typically 15 years or 30 years. When you're ready, shop and compare mortgage rates.
Many lenders let you lock a maximum mortgage rate when construction begins. Lenders generally require a down payment of at least 20 percent of the expected amount of the permanent mortgage. Some lenders make exceptions.
If you are interested in knowing more about construction loans, have questions or want to see how it's structured, join us on 10th OCT for 1 hour webinar where you can ask any question that you might have.
Hosted by Universal Commercial Capital
visit here to register (FREE)