Posted on Oct 15, 2020

Dawol Homes

WHAT YOU NEED TO KNOW ABOUT CONSTRUCTION LOANS

You can easily find traditional mortgages, but they usually come with a catch. You can just borrow money to purchase a house that’s been built already. On the other hand, construction loans can be used for everything that you need to build a custom home or even a commercial establishment. They can also be used for renovating your property or purchasing a land.

What are construction loans for your custom home?
If you need a short term loan to build a custom home then you need a construction loan. You can use the loan to purchase a lot, build on a property that you already have, or remodel an existing structure, in case the program permits. Construction loans are much like a line of credit since you only get the amount of money you need to finish each phase of a project. So, you’ll pay only the interest on the amount that you borrowed.

Payments

You will only be paying for the interest during the construction phase of your custom home Myrtle Beach.
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