Building a brand-new home to your exact specifications may sound like a dream come true. But home development can get pretty complicated, especially if you need to take out a loan to pay for it.
From construction time tables to the various types of construction-specific loans available, FGSLB will walk you through all you need to secure your loan and also ensure that your house is completed on schedule.
A construction loan is typically a short-term loan used to pay for the cost of building a home. It may be offered for a set term (usually around a year) to allow you the time to build your home. At the end of the construction process, when the house is done, you will need to get a new loan to pay off the construction loan – this is sometimes called the “end loan.”