Welcome to Construction Loans Guide
Texas Commercial Construction Loans Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Important Information on Home Construction Loans
from:Did you know that you could get a loan to cover the cost of building your own home? It's true, although there is a lot of information involved in this. Instead of buying a home that is already built, you can buy empty land. This is great because you can then get the exact house that you had always dreamed about. Before you go out and apply for one of these home construction loans, there are some things that you need to know first. They can actually be fairly complicated.
Mortgage Versus Construction Loans
Mortgage loans are actually quite different from construction loans. For one, you need to buy a home that is already built for you to use a mortgage loan. Beyond that, home construction loans also have a different interest and pay schedule. While there are several different kinds of construction loans, most will require that you only pay interest during the building period of your home. After it is completed, you will then need to start paying off your loan in full. Mortgage loans are different because you start paying a large monthly fee, including interest, from the get-go.
Different Types of Home Construction Loans
There are actually several different types of these loans. As mentioned above, you could get a construction loan for your home that you need to pay back in full when you're done with construction. Unfortunately, most regular people can't afford to pay back a loan like this, especially when it totals $100,000 or more.
Instead, there are home construction loans that don't have to work out this way. These are called construction-to-permanent loans. These differ because the construction loan turned into a mortgage loan once the house is completed. In the end, this will save you a lot of money in monthly payments and interest. Be sure to talk to your lender to make sure that they offer this kind of loan.
Finding a Good Lender
While almost all local banks offer mortgage loans, that isn't the case when it comes to home construction loans. If they do, they often don't have enough choices or experience in the matter. Instead, you should try to get one of these loans from a national bank. You will have a much better chance of getting the best options this way.
You should also make sure that the lending officer you work with actually knows their stuff. Home construction loans can be very complicated. You need to work with a lending officer that has experience with these kinds of loans. Otherwise, you may not get what you actually need.
Texas Commercial Construction Loans News
Mortgage relief impact on Cameron County remains to be seen - Brownsville Herald
Mortgage relief impact on Cameron County remains to be seen Brownsville Herald Texas will also receive $141 million for violations of state law by the five financial institutions: Bank of America, Wells Fargo & Company, JPMorgan Chase & Company, Citigroup, and Ally Financial Inc., formerly GMAC. Together, the five lenders service ... |
Veteran's fake military record prompts questions about charity - Houston Chronicle
Veteran's fake military record prompts questions about charity Houston Chronicle In reality, he served 10 years as a military policeman in New York, Texas and Panama before leaving the military in 2001. Schroeder confessed last week to a Houston Chronicle reporter that he had embellished his record. His admission raises concerns ... |
Ex-Dallas Mayor Leppert touts business experience, but his record is mixed - Austin American-Statesman
 Austin American-Statesman | Ex-Dallas Mayor Leppert touts business experience, but his record is mixed Austin American-Statesman As chief executive officer of Turner Construction, he led the company into one of the most profitable periods in its history, creating jobs across the nation in the building trades. But he also was a member of the board of directors of Washington ... |
Company pitches coal-to-gasoline plan to lawmakers - Billings Gazette
Company pitches coal-to-gasoline plan to lawmakers Billings Gazette The head of a Texas company that plans to build a plant in Carbon County to turn coal into gasoline told state lawmakers Saturday that the project promises not only jobs and tax revenues but also would help the nation produce more energy domestically. |
Photo Release -- Travis Street Plaza, LP Celebrates Groundbreaking for New ... - MarketWatch (press release)
Photo Release -- Travis Street Plaza, LP Celebrates Groundbreaking for New ... MarketWatch (press release) ... Inc., Amegy Bank of Texas, the Federal Home Loan Bank of Dallas (FHLB Dallas), United States Veterans Initiative, and the Department of Veteran Affairs on Thursday, February 9, 2012, to celebrate the groundbreaking for Travis Street Plaza, ... |
First Lady Promotes Fitness In North Texas - KERA News
First Lady Promotes Fitness In North Texas KERA News First lady Michelle Obama spends the next two days in North Texas as she makes a three-day national tour to promote childhood fitness and the battle against childhood obesity. Obama's first North Texas stop will be at Thursday's dinner hour in Fort ... |
First Lady Promotes Fitness In North Texas - KERA News
First Lady Promotes Fitness In North Texas KERA News He also said the plan was cleared in advance by the Texas Education Agency. Dahlander: We have an all-boys school and an all girls school. We are doing more of the gender specific things because we understand that genders are different and they're ... |
Conroe agrees to Lake Conroe pipeline route; January likely start - Your Houston News
Conroe agrees to Lake Conroe pipeline route; January likely start Your Houston News Recently, the SJRA received a $175 million loan from the Texas Water Development Board. The SJRA is using those funds to finance installation of the pipelines. Engineers have completed about 30 percent of the design phase on this project, Houston said. |