VinayChaudhary
A construction loan is designed to finance the building of a home or a major renovation. It works a bit differently from a regular mortgage because of the loan structure. Construction loans are paid in stages while a regular mortgage is paid in full at settlement.
A construction loan is designed to finance the building of a home or a major renovation. It works a bit differently from a regular mortgage because of the loan structure. Construction loans are paid in stages while a regular mortgage is paid in full at settlement.
Construction loans have progress payments, which means your lender makes a payment at each stage of construction. Usually, there are five stages:
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