Step 1 In Building A Custom Home: Financing
CRG Companies' Broker-In-Charge, Preston Guyton, discusses what we feel should be your first steps in the custom building process, as well as the 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.
First Step In Building Your Custom Home
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.
Top 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.
- 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.
- Only One Closing: There is only one closing before construction starts and you have 12 months to complete construction of your custom home.
- Appraisal Inspections: Because inspections are ordered throughout construction, you are not overpaying your contractor and only pay based on what is completed.