Work With Midland Mortgage Corporation To Find The Best Construction Loans For The Home Of Your Dreams.
Construction loans cover the costs of building a new house. They’re much harder to get in today’s real estate market than they were in the past, but it’s not impossible when you work with the right mortgage consultants. The experts at Midland Mortgage Corporation have a number of options available. The right lending product will depend on your circumstances, as well as current market trends. Give us a call to get started on your building plans.
To Secure A Construction Loan, Buyers Will Need:
- Excellent credit
- Adequate financial resources
- Professional builders with proven reputations
Home building is a risky business, so expect the process to be daunting compared with obtaining a mortgage on an existing home. Without a finished product in place, the lender is essentially taking on an unsecured risk. Midland Mortgage Corporation will help you present yourself in the best light to lenders. We will also identify the best programs to tap for financing based on your project’s scope and location. Combined, these measures greatly improve your chances of having your funding approved.
We Have Three Main Types Of Construction Loans Available:
- Construction-only loans are short-term and highly controlled. You’ll have a schedule of assumed progress, along with scheduled payments, and interest may fluctuate as time goes on.
- Rate-locked loans differ in that you enjoy the same interest rate throughout the life of your loan.
- Construction-to-permanent loans will automatically convert to a traditional 30-year mortgage once construction is complete. This is a fairly new option for the industry and a major convenience. Instead of having to close on two separate loans – and paying closing costs twice – this type of loan allows you the security of knowing your financing post-construction is safe and secure.
Midland Mortgage Corporation has consultants who specialize in construction-to-permanent (CP) loans. Get in touch to start the process.
You may also be wondering about mortgage financing after bankruptcy. Our expert team will help you locate the best loans for those circumstances too.