You’re in your house and paying a mortgage on your house, and you found the perfect land and want to build on that land.
Do you have the opportunity to get a construction mortgage even though you’re paying a mortgage on your house now?
When it comes to vacant land, it depends on what you’re planning to do.
If you’re looking at staying in your current home for a little while but want to buy that piece of land earlier than maybe building in a few years, what we would do is refer you to one of our advisors within the branch environment. It would be a loan we would do at that time.
When you start the construction mortgage itself, we can look at taking the first draw, which would be part of that property’s value, either to pay off that loan or to help start the construction itself.
If you’re buying vacant land, It’s a loan, not a mortgage.
If you’re building and buying vacant land, and I plan to build right away, you can get a construction mortgage on the land that can roll into that.
So if you plan to buy that land and start that construction within weeks, we can look at doing that as the first draw.
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