CRG's' Broker-In-Charge, Preston Guyton, discusses what we feel should be your first steps in the custom building process, as well as three of the benefits to choosing a construction permanent loan. According to Preston Guyton, your first step towards building a custom home should start with meeting a local lender, especially one that specifically handles construction permanent loans.
1st Step To Custom Home Building Process
Are you thinking about building a custom home, but just don’t know where to begin? We get it! The process can be overwhelming, but it doesn’t have to be with a knowledgeable team of local Real Estate Professionals to help you along the way.
What are Construction Permanent Loans?
Also known as a “self-build loan”, a construction permanent loan is a short-term loan used to finance the building of your home which then converts into a permanent mortgage once the project is completed construction.
3 Benefits Of Construction Permanent Loans
These are what we feel are the top three benefits to choosing a construction permanent loan to finance your custom home building project. Want to know more? Please speak to your local lender for more information.
1. Locked Interest Rate: Choosing a construction permanent loan allows you to lock in your rate so you don’t have to worry about it increasing during construction.
2. Only One Closing: There is only one closing before construction starts and you have 12 months to complete construction of your custom home.
3. Appraisal Inspections: Because inspections are ordered throughout construction, you are not overpaying your contractor and only pay based on what is completed.
Since custom home building can be confusing and often times overwhelming for those thinking about building a custom home, it’s important to work with an experienced Realtor and local lender who will help guide you through the custom home building process. The Real Estate Professionals at CRG can help you take the necessary steps towards building your dream home, and make your dream home come to fruition. Contact a member of our team today to learn more.