Keyword Analysis & Research: construction loan

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How do construction loans work when building a new home?

How Construction Loans Work Payments. During the construction phase, you typically make interest-only payments (or no payments at all, in some cases) based on your outstanding loan balance. Disbursements to Contractors. As you progress and reach milestones for your project, you or the builder can request draw payments for completed work. Temporary Funding. ... Stages. ... Down Payment. ...

What you should know about construction loans?

What you should know about construction loans. During the construction period, you will be making interest-only payments on whatever amount has been drawn by the builder (generally during the first 12 months). Once the home is complete, the final dollar amount is converted into a fixed rate product for permanent financing on your home.

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