What is a construction-to-permanent loan?.It will ensure you have the funds you need to do new construction or a rebuild on the property you currently own, helping you transition into a permanent loan. If you own the land on which you’re building, remodeling or renovating, a construction loan is still advantageous. If you do not own the land you’re building on, a construction loan streamlines the borrowing process to one closing transaction. However, you must still apply for it, and just like any other loan, this one depends on whether you own the land. It makes sure everything is in one place. This type of loan can cut down on the confusion, paperwork and headaches associated with getting several different loans and financing options. Toward the end of the construction period, you can work with your lender to change the construction loan into a permanent loan. This loan helps you avoid obtaining separate lots and construction financing, meaning there are fewer moving pieces. ![]() A construction-to-permanent loan brings you through the entire process of buying and completing construction with a single loan.
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