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A construction loan is a short-term loan-usually about a year-used to fund the construction of your home, from breaking ground to moving in. With a BB&T construction-to-permanent loan, your construction financing simply converts to a permanent mortgage when your home is complete.
Loans typically last less than one year, and they are repaid with another "permanent" loan – you’ll get rid of the construction loan once construction is complete. Since construction loans have higher (often variable) rates than traditional home loans, you don’t want to keep the loan forever anyway.
You qualify for the loan once, lock in the permanent rate, sign one set of loan documents and have up to 12 months to complete your residential construction project. During the construction period, interest is charged only on the funds that have been disbursed. The permanent loan period begins when the project is completed.
Construction loans have calculations that are a good deal more involved than a simple purchase or refinance mortgage loan amount. Construction lenders calculate the actual construction loan amount after you answer some simple questions. The interest only calculator on this page uses Java Script.
Once construction ends, your loan repayment begins. Many homebuyers choose the convenience of having their construction loan combined with their standard mortgage plan, in something called a construction-to-permanent loan. This eliminates the need to refinance after construction and undergo two separate closings. How do construction loans work?
Are you thinking of using an FHA One-Time Close Construction loan to have a house built for you in 2019? This type of home loan is different than FHA new purchase loans for existing construction, but it’s definitely worth considering.
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To get a construction loan, start by deciding if you want a short-term construction-only loan, which offers a lower interest rate but only gives you a year before you have to repay the loan. Alternatively, consider a construction-to-permanent loan, which has a higher interest rate but gives you longer to complete your project and repay the loan.
interest rate on a construction loan Construction Loans: Which Type Is Best & How to Apply? – Is it possible to get a construction loan, place our.. with an appropriate lender – possibly at a higher interest rate.