Getting A Construction Loan Without A Contractor

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Construction Loans Explained Get a Quote. Colonial's Single Close Construction Loan takes you from groundbreaking to move-in, in one easy process. At Colonial, you will be working with construction loan specialists who are able to answer your questions and the questions of your builder/contractor so that your home construction…

A construction loan is a short term loan for real estate. You can use the loan to buy land, you can build on property that you already own, and with some programs you can even renovate existing structures.

Loan Categories qualifying projects exceeding maximum loan amount and term will be considered on a case-by-case basis and will be subject to an additional 1/2% funding fee at the time of closing.

Pay cash or get a loan? If you have the cash to build without need of a loan, you can save all of the costs associated with borrowing, as well as the substantial interest you’ll pay over the years.

If you have a mortgage, and your home has suffered severe damage or been destroyed, some or all of the payment checks from your insurance company will be made payable jointly to BOTH you and your mortgage company. This happens because your lender has a financial interest in the property that your insurer will honor/protect.

2. Construction-only loan. With the construction-only loan approach, you take out two separate loans. One is solely for the construction of the home, which usually has a duration of a year or less.

New Home Construction – Option # 1 -You are the General Contractor You are the General Contract and you are responsible for every aspect of the home construction process.

These types of lenders often offer Self Build Construction Loans and allow you to act as your own general contractor. The cost of construction loans from these lenders is often higher than the cost of loans from banks or credit unions but, these lenders are usually more willing to grant construction loans than banks or credit unions.

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A construction loan is a reimbursement loan, in that no funds are advanced to the borrower but rather reimbursed as each stage of construction is Sub-contractors, material suppliers, and the general contractor's employees need to get paid well before a stage of construction is completed, and that…

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