Welcome to Construction Loans Guide
Texas Mortgage Construction Refinance 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 Mortgage Construction Refinance Loans News
Mackinac Financial Corporation Announces 2011 Results of Operations With Improved Profitability and Asset Quality
MANISTIQUE, MI-- - Mackinac Financial Corporation , the holding Corporation for mBank, reported a net income of $1.452 million or $.42 per share, for the year ended December 31, 2011, compared to a net ...
Read more...After Obama speech, three arguments for housing
President Barack Obama said in his State of the Union speech that he wanted to help struggling homeowners refinance their mortgages. The Republicans who want his job say the government should get out of the way of the housing market.
Read more...Fixing housing: What Obama wants, what Republicans want — and why experts say both are wrong
WASHINGTON - President Barack Obama said in his State of the Union speech that he wanted to help struggling homeowners refinance their mortgages. The Republicans who want his job say the government should get out of the way of the housing market.
Read more...Dime Community Bancshares Reports Earnings
BROOKLYN, NY-- - Dime Community Bancshares, Inc. , the parent company of The Dime Savings Bank of Williamsburgh , today reported financial results for the quarter and fiscal year ended December 31, 2011.Consolidated ...
Read more...Three approaches to fixing housing issue
WASHINGTON - President Barack Obama said in his State of the Union speech that he wanted to help struggling homeowners refinance their mortgages. The Republicans who want his job say the government should get out of the way of the housing market.
Read more...Hometownstations.com-WLIO- Lima, OH News Weather SportsAfter Obama speech, three arguments for housing
WASHINGTON (AP) - President Barack Obama said in his State of the Union speech that he wanted to help struggling homeowners refinance their mortgages. The Republicans who want his job say the government should get out of the way of the housing market.
Read more...No More Fear and Loathing of CRE Lending for Banks
As economic headwinds subside, the commercial real estate lending business for U.S. banks has hit an inflection point. For the first time in five years, a majority of banks are finally talking about their ability to grow their loan portfolios. While the sentiment among banks is neither unanimous, nor the projected lending growth strong, bank executives in analyst earnings calls over the past ...
Read more...Housing industry headed north
After five rough years for the construction industry and the housing market, small glimmers of hope arise from the ashes of the Great Recession.
Read more...