What are the benefits of a construction loan?
Construction Mortgage
Choosing a construction loan over a home equity line of credit or other privatized loan has a few, distinct benefits. They are:
- They're interest-only during construction: Since the loan isn't paid out in full until the new construction is complete, the bank doesn't ask you to start paying down the principal until then either. During construction, you'll only be expected to pay lower, interest-only payments on the loan, giving you more time to save.
- They have flexible terms: Though you'll need to provide the bank with specific plans for your project, construction loans offer much more flexibility in terms of loan terms and guidelines than traditional loans do. To a certain extent, you'll be able to work your loan terms around your needs for the project.
- The added scrutiny provides structure: Though added scrutiny may not seem like a good thing at first glance, during the building process, it can actually help ensure that your project stays on budget and schedule.
Source: forbes
Financial Capital Group, LLC is a lender that provides home and commercial finance solutions for business, professionals, individuals and families since 1999. Our love and care for others is directed as much within our walls as it is outside of them. Our desire is to work together to meet the needs of our customers.
Construction Mortgage.
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