Construction Loan Programs
Construction loans are usually short term loans with a maximum of one year and have variable rates that fluctuate with the prime rate. The rates on these loans are typically higher than rates on permanent mortgage loans. To gain approval, the lender will sometimes need to see a detailed construction timetable, detailed plans, and a realistic budget.
New construction is always exciting and can prove to be one of the most satisfying as well as financially-rewarding projects you'll ever undertake and Resolution Funding is there to help our clients throughout the entire process. Depending on what you qualify for, you can upgrade your existing property or start a new project from the ground-up.
If you've been thinking about building your dream home from the ground up or remodeling your existing home, rest assured that a variety of construction loans are available for all property types.
Below are some of the highlights of new construction and remodeling to keep in mind:
New home construction:
• Options: most new homes can be built with fully-customizable options. Floor plans, paint colors, faucets, and light fixtures are just a few of the options available to homeowners.
• Builder incentives: certain builders encourage sales by offering to pay closing costs or providing special interest rate incentives.
• Delayed processes: custom building projects sometimes require construction project and builder validation, inspection reports prior to payments to the builder, and verifications prior to your final loan preparation, which can all cause delays. Newly-built homes typically have lengthier time spans between contract signing and moving day as well.
• Upgrades: adding new energy-efficient doors, windows, or specific appliances will not only save you money in the long run, but you can earn tax credits and rebates for installing them. Various government programs are in place to help you do so.
• Visuals: remodeling can improve the appearance of any home, not to mention make it safer.
• Shorter processes: building on an existing home or “adding on,” generally takes a shorter amount of time and the loan process from start to finish is generally quicker and easier.
Whether your construction project is commercial, multifamily, or a single family residence, we have the right construction loan program for you!
To find out about available construction loan programs, or to receive your personalized quote, please contact us today. For a quicker response and to see if you’re pre-qualified for a loan, feel free to complete our easy, secure online application.