Best Life Mortgage Minute: How to finance and custom-built home

Ok, today we are going to talk about how to convert a construction loan into a traditional mortgage.
If you’re planning to build a house or do a major renovation, you usually can’t qualify for a traditional mortgage because there’s no existing home to use as collateral. What you need is a construction loan, which is based on the projected future value of the completed property. Generally, construction loans are interest-only while the house is being built. Then when construction is complete, you refinance into a regular mortgage. Here’s how the process works. If you are looking for a top-notch marketing director in Greenville call us at, 866-282-0460.