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Residential onstruction loans

Residential Construction Loans

How to Finance Construction of Your New House.

The construction loan you choose to fund the construction of your new house is the most important part of building your house. You should be aware that a construction loan contains many variables that can cost you time and money or cause unwanted delays. Understand these variables before you go shopping for a loan. Lender's tend to tilt the table in their favor so you want to find the table with the least tilt. For current construction news click here.

Construction Loan Interest

The first consideration is the interest you will be charged on the construction loan. See how construction loan interest is computed on a residential construction loan. Click here.

Shopping for a Construction Loan

Learn how to shop for a construction loan and compare loan offers from several banks. Follow your bank loan each step of the way from including the construction contract, the loan application, the appraisal, the closing, and the construction loan draw process.

Loan Calculator

Use a loan calculator to compute your monthly payment to see how much you can afford. Understand the terms for contractor, sub contractor and the risks of construction loan liens. Educate yourself about how construction loans work before venturing into any construction project.

Construction Documents

Review the construction loan documents that will be using during the course of the construction. You will want to understand the purpose of each document in helping to keep the construction process on track. Construction loans can present considerable risk to the borrower and you want to understand how to protect yourself.

Residential construction loans are difficult to obtain and you will want to apply to a lender that can get your deal done. Get multiple offers from qualified construction lenders. More...

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