If your thinking about building a new home or doing a remodel job, Mortgages On Main can help!
The basic process of financing a home under construction consists of two parts. First, there is the construction loan that actually funds the project as it is being built. The construction loan generally closes prior to starting the project and the money is drawn as it is needed. The nice part about the construction loan is that you only pay interest on the amount that’s been drawn. When the project is complete, Mortgages On Main will convert the construction loan to a permanent loan by refinancing it.
While construction financing seems complicated, it’s easy when you talk to a knowledgable, experienced loan officer who can handle your project from start to finish.
Call M.O.M. today for more information.