Building your own home from scratch is like a dream come true. Construction loans are sought mainly to construct a house from scratch, renovate current house, etc.
Construction Loans can be quite different to a standard home loan so it is important to understand what you are entering into. The Construction Loan is a loan that is drawn down in stages as your property is being built. This means that your monthly mortgage repayments slowly increase as the construction moves forward until finally at completion of construction the loan repayment reaches its full monthly repayment amount.
Many Lenders also offer interest only repayments during the construction process which revert to principle and interest repayments once the construction is complete.
However, having said that, buying a home has it's own perks. It all depends on what you want. At the end, Home is a home whether constructed or bought!
Let our advisors help you. Contact us so that we can help you and assist you with correct approach.
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