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Mortgage Loan VS Construction Loan - What’s the Difference?
By Travis Butler, Owner of Butler Homes LLC
A misconception we debunk frequently with our customers is what banks they can obtain loans from. Did you know that the bank you get your construction loan from doesn’t necessarily have to be the same bank as your mortgage? As a matter of fact, many mortgage banks don’t do construction loans at all. So what is the difference between these two loans when it comes to building?
A mortgage is the homeowner’s permanent financing plan once the home is completed. Most of us know this as the normal 15 year or 30 year-note mortgage while a construction loan is a temporary loan from the lender to fund the construction of a home. The builder or homeowner can get the construction loan depending on who owns the lot or land. Whoever owns the property is the one that will have to get the construction loan.
At Butler we can make the process even simpler, by allowing you to deed the property to us and Butler staff will coordinate with the banks on your behalf saving you time and hassle. For more information on loan types or questions about your loan, visit our Preferred Lending page to learn more!