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The following article was published in our article directory on January 18, 2011.
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An Affordable Construction Home Loan For Building Your Dream House

Article Category: Real Estate

Author Name: Kenn Fong

One of the most preferred financing options available for building is a construction home loan. This type of interim financing covers the building phase of your project and generally is automatically converted to a traditional loan at the completion of building.

Construction funding is designed to provide financing during the building phase of home building. There are a few options from which to choose when borrowing this type of funds. There are short term and long term funding options designed to fit individual needs. The main feature that differentiates the two types is the speed at which the funds are expected to be repaid to the lender.

In other words asking for the projected building costs to be made available as needed. Other financing options make a lump sum amount available for the project rather than on an "as needed" basis.

In order to be approved for building phase funds a borrower must provide a cost estimate reflecting projected material and labor costs; this estimate must be from a licensed contractor. Furthermore, the borrower must be able to prove there is a mortgage in place on the property that will pay off the building phase financing at completion. Expect the lending institution to send site inspectors who are responsible for assuring the lender that financing is not in excess of the value of the work completed.

Upon completing the building phase, construction financing is generally paid in full and mortgage type financing applies. Building phase financing can be obtained from builders, credit unions, banks and many other types of financial institutions.

Loan amounts vary widely based on multiple factors such as income and the appraised value of the planned house. Commonly banks will lend as much as ninety percent of the home's appraised value. Be aware that numerous fees apply to this type of financing. Expect to pay application and inspection fees as well as recording and legal fees.

One of the most attractive building phase financing options is an all-in-one package deal. This type of building financing is two-phase; short term interim building funds that convert directly to a long term mortgage when the house is finished. In reality this is one loan, not two. There is however, one disadvantage to all-in-one package deals. Long term interest rates are commonly higher than those rates applying to short term financing.

Loan conditions are situational and vary by lender. If you are in the market for building funds, be sure to secure a deal you can realistically afford. Look for the package that is best for your situation and only then should you sign to seal the deal.

Keywords: construction home loan

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