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Starting the Process of a New Construction Loan. The initial steps of obtaining a construction loan are similar to buying an existing house: Meet with a lender to get pre-approved for the amount you can afford. Develop your wish list, including locations and features. Visit new home communities and builders in your selected price range.
Construction-to-permanent loans: a more common type of real estate loan, this one will combine the two loans (build, mortgage) into one 30-year loan at a fixed rate. This loan type will usually require more of the borrower, in terms of down payments and credit scores.
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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.
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This type of home loan is different than FHA new purchase loans for existing construction, but it’s definitely worth considering. FHA construction loans can be a bit more complex, but thanks to the FHA One-time Close construction loan this process isn’t as complicated as other types of construction loans.
5/1 arm vs 15 year fixed If interest rates go down in 15 years (unlikely) If I took the 30 year fixed: I’ll be sad since I’m sitting at 6.5% and I would refi at a lower rate. If I took the ARM: I would be fine and have the choice to ride out the ARM or refi at a lower fixed rate, but in the mean time, I would have had more capital.
Building a new home. If you’re currently a homeowner, an alternative to a construction loan is to use the equity in your home to finance building a house. We offer a number of construction loans designed to help you finance the building of your new home. For information on construction loans, including the benefits of closing before construction.
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Once the construction of your home is complete, your construction loan will convert to a regular mortgage. You don’t have to worry about going through another approval process; that is done as part of the construction loan approval. You also won’t face any new closing costs as you switch from construction to regular mortgage.
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