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CONSTRUCTION LOAN BASICS
It might not be too big of an exaggeration to say that the construction loan is one of the more daunting aspects of building your custom home. Before we started our project, I had nightmares about trying to pay two full mortgages at the same time (our existing mortgage and the construction loan), and I didn't see how it was at all possible. However, the reality ended up much more reasonable than I dared hope.
COLLATERAL: Many – but not all – mortgage companies require you to own your land first before you apply for the construction loan. That way, if the borrower defaults, the bank has a way to recoup their investment. Some banks will let you roll in the land purchase with the construction loan, but you may have to pay a premium.
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Copyright 2012
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Home | Helpful Articles
Clean up your property or expand your construction business when you buy a backhoe. Find buying guides, tips, and more information on a Ford Backhoe..
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