What is Construction Loan? | How does it Work?

By | July 10, 2020

A construction loan is a type of mortgage used to finance the construction of a home, and generally only requires interest to be paid during the construction period. Once the construction phase is over, the loan amount becomes due and it becomes a standard loan. The loaned money is typically advanced incrementally during the construction phase.

A construction loan is a mortgage that used to pay for building a new home or building, after the construction phase loan may convert into a standard

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