Construction Loans: Things You Need To Know
Introduction ●
Constructing a home is a dream for many people.
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You can create space according to your needs from scratch.
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If you think mortgages can be a concern for such properties, relax! Drew Mortgage Associates is here to help.
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Have you ever heard of Construction Loans?
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Let's understand what they are and how they are different from Traditional Loans.
What are Construction Loans? ●
Construction loans refer to any loan used for the construction of a house.
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It is one of the leading land and construction loans.
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These loans are given to a business, contractor, or individual that will be used for the construction of a building.
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The funds cover all types of expenses that go into constructing a home, such as land, building materials, permits, labour, and more.
Construction Loans Vs. Traditional Loans? ●
In a traditional mortgage, lenders offer lower interest rates.
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In construction loans, the mortgage lender does not have anything to recover the loan amount.
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This is why interest rates are higher.
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First-time Homebuyers in Massachusetts can get this loan depending on their eligibility.
Preparation for Construction Loans approval ●
If your idea is to get approved for construction loans Massachusetts, MA, stay prepared.
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Also, remember that not all lenders provide construction loans.
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You can connect with Drew Mortgage Associates for the best interest rates in MA.
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Read the full blog here: https://www.drewmortgage.com/construction-loans-things-need-know/