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Types of Construction Loans

There are several types of construction loans available, each catering to different needs and circumstances. The most common types include:

• Construction-to-Permanent Loans: This option allows borrowers to transition their construction loan into a permanent mortgage once the home is completed. It simplifies the process by combining two loans into one, reducing closing costs and paperwork.
• Stand-Alone Construction Loans: These loans cover the construction phase only. Once the home is built, you will need to secure a separate mortgage to pay off the construction loan. While this option may offer lower initial interest rates, it requires two separate closings, which can increase costs.
• Owner-Builder Loans: If you're planning to act as your own general contractor, this loan type might be suitable. However, it requires significant experience in construction and a solid plan to be approved.