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There are people who prefer to build their own property, instead of purchasing one that has already been constructed, and this is where construction loans come in. These kinds of loans are not too different from a mortgage, especially after the whole construction process has been completed. But because the construction loan involves more, there are more specifics that need to be addressed, which means learning all there is to know about commercial and residential construction loans will take a little longer.
Try understanding the different options that you have. You could get a fixed loan (averages 15-30 years in most cases) or get a short term one that you can later refinance into a mortgage. The disadvantage with this is the dual closing costs, and the whole process of applying for a mortgage, which includes things such as pre-qualifying and getting pre-approved.
The lender will have to ascertain that you are in a position to repay any residential or commercial construction loans you get. The purpose of the construction will matter, though the basis of the analysis is consistent. For an individual seeking construction financing for their residence, the lender will mostly look at the income level of the individual. This way, they can establish how much can be repaid, and use this information to chose a suitable loan term, loan period and loan sum, not exceeding the calculated amount, based on income. The same goes for commercial construction financing, as the bank will consider the amount of profit generated by the business and use this to determine the nature of the loan given. Most lenders are often willing to extend construction loans to investors who are simply building to sell. In this case, different factors are considered.
The nature of new construction loans you get from one lender will most likely differ from what another lender has to offer you. This helps emphasize on the importance of looking around for what different lenders have to offer before settling for one final deal. It's also imperative that you find a lender who has been around for sometime. Their experience is something that can help you get through the difficulty you face, since chances are, they have dealt with a case such as yours before.
Things such as a high credit score will definitely help in getting you better rates for the construction loans you qualify for. Ensure you get construction insurance, as the lenders will be quick to insist on it and without it, you will most likely be disqualified.
There are people who prefer to build their own property, instead of purchasing one that has already been constructed, and this is where construction loans come in. These kinds of loans are not too different from a mortgage, especially after the whole construction process has been completed. But because the construction loan involves more, there are more specifics that need to be addressed, which means learning all there is to know about commercial and residential construction loans will take a little longer.
Try understanding the different options that you have. You could get a fixed loan (averages 15-30 years in most cases) or get a short term one that you can later refinance into a mortgage. The disadvantage with this is the dual closing costs, and the whole process of applying for a mortgage, which includes things such as pre-qualifying and getting pre-approved.
The lender will have to ascertain that you are in a position to repay any residential or commercial construction loans you get. The purpose of the construction will matter, though the basis of the analysis is consistent. For an individual seeking construction financing for their residence, the lender will mostly look at the income level of the individual. This way, they can establish how much can be repaid, and use this information to chose a suitable loan term, loan period and loan sum, not exceeding the calculated amount, based on income. The same goes for commercial construction financing, as the bank will consider the amount of profit generated by the business and use this to determine the nature of the loan given. Most lenders are often willing to extend construction loans to investors who are simply building to sell. In this case, different factors are considered.
The nature of new construction loans you get from one lender will most likely differ from what another lender has to offer you. This helps emphasize on the importance of looking around for what different lenders have to offer before settling for one final deal. It's also imperative that you find a lender who has been around for sometime. Their experience is something that can help you get through the difficulty you face, since chances are, they have dealt with a case such as yours before.
Things such as a high credit score will definitely help in getting you better rates for the construction loans you qualify for. Ensure you get construction insurance, as the lenders will be quick to insist on it and without it, you will most likely be disqualified.