Real Estate Lingo: Construction Mortgage

Are there options for getting mortgages if they’re building their own home?

Absolutely. It’s called a construction mortgage.

And that’s typically when a client is either looking at hiring a contractor to build that home for themselves or they’re in that field of employment and become their contractor.

But there are mortgages for that.

The client can either own their land before starting that construction.

It could also be part of the construction mortgage right from the start, where they’re looking at purchasing that land and beginning the construction right away.

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