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construction costs: Basics of Construction Loans - 03/27/08 01:29 PM
How do Construction Loans Work?                                         
A construction loan finances the following:  
•1.     The land                                                                                
•2.     Land improvements -i.e. clearing, grading, utilities, etc.
•3.     Actual construction costs
•4.     Finishes to the home - i.e. carpet, appliances, tile, etc.
•5.     Architect or engineering fees
•6.     Permits
•7.     Interest Reserve account to pay your mortgage during construction
•8.     Closing costs (in most cases)
A one-time-close construction loan modifies to a permanent mortgage when the home is finished. So, you can finance the initial purchase of the land plus the cost of building your new home.  You pay just one set of closing costs and you are only approved once!
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Katie Marchione ~ Community First Financial

Scottsdale, AZ

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Community First Financial

Address: 7575 E. Redfield Rd. Suite 235, Scottsdale, AZ, 85260

Office Phone: (480) 305-8900 x 315

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