Uncover the Ins and Outs of Construction Loans | Guiding You Forward
Building a home can seem overwhelming. Our expert breaks down the construction loan process in this podcast episode.
Dreaming about building a home? Kim Moore, director of mortgage sales at Mountain America Credit Union, is back on the podcast to talk about all the ins and outs of construction loans. She answers common questions to help you navigate your journey of building your very own home.
Watch the video and learn:
How to navigate through all the different types of construction loans
What you can (and can’t) do with excess funds after building
Why construction loans are more complex than regular mortgage loans
With all the expenses that come along with a construction loan, most people would prefer to simplify wherever they can—especially if you’re a beginner. Kim explains how to combine your separate loans for land, building materials and construction labor costs into a single loan called a one-time close construction loan. Learn about this and other types of construction loans in the full video above.
If you happen to have extra funds leftover from building your house, it’s important to know what they can (and can’t!) be used for. Kim talks in depth about sweat equity and gives one important rule for how excess funds can be used—just in case you spent less than you planned.
Building your own house is an amazing opportunity! But construction loans are typically more complex than buying an existing home. Kim sheds light on the reasons why. Learn how to have a more seamless experience planning the construction of your new house.
Your dream of building your own home is achievable! Meet with a specialist to learn more about construction loans and get started today.
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