El Dorado Hills Mortgage Broker reveals 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 mortgage broker in El Dorado Hills call us at, 925-640-8521