Buying a home for you and your family can be an exciting time. A construction mortgage can allow you to finance the purchase and construction of your new home. Being able to construct a brand new property gives you the freedom to design your ideal home and choose exactly how you want it to be built. Unlike a traditional mortgage a construction mortgage is drawn down in stages. As each stage of the construction is completed the lender will draw down additional portions of the total loan amount that you use to pay the construction costs.
Similar to a traditional mortgage, when applying for a construction mortgage the lender will look at your financial situation such as your credit score, debt, assets, and income. The lender will also want to know the size of the down payment and will want to see a contract between you and the builder or developer detailing the construction costs and schedule. For all your construction mortgage needs, trust the experienced team at Mortgage Squad Agents to find a solution that is right for you.