Michigan Mortgage Blog -Atlantis Mortgage
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Homebuyers: Planning to Build Your Dream Home?
When some people choose to become homebuyers, they look for a starter home: a small house or condo. Others look to become homebuyers by investing in a luxury property. Still others choose that their dream home is the home that they will have built themselves.
These homebuyers don't look at homes per se, they look at land, the look to architects and designers they look to construction companies. They also don't look at traditional mortgage options.
Rather than applying for a traditional mortgage, homebuyers planning to build their dream home will need to apply for a construction loan - a mortgage for a property that has not yet been built.
When homebuyers apply for a construction loan, the amount of financing available to them will be based not on what exists, but on what the property will be. Construction loans are based on the value of the land, the estimated construction costs as well as the homebuyer's current assets.
The home of your dreams doesn't have to stay in your dreams: the right construction loan for homebuyers can make it a reality. If you're looking to build your dream home, learn more about construction loans today.
Jonathan Saffiedine
866-357-9100
www.atlantismortgage.com
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