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Rainmaker
467,523
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

That is a great question for a licensed mortgage broker Brad Coleman 

Jan 23, 2018 08:32 AM
Rainmaker
2,217,590
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

What Barbara Todaro said.

Jan 23, 2018 04:03 AM
Rainmaker
4,071,298
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

there are many differences....and there's enough information to write a blog post to satisfy that question.... there have been many posts written here...use the search box to pose that question and you'll have many answers...

Jan 23, 2018 03:43 AM
Ambassador
1,306,596
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

The same except if you do a specialized new home loan from the beginning of construction.

Jan 23, 2018 03:42 AM
Ambassador
1,924,256
Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 Two different animals...  see your local lender.

Jan 22, 2018 10:03 PM
Rainmaker
2,737,038
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Anthony Acosta - ALLATLANTACONDOS.COM nailed this one!

Jan 24, 2018 04:44 AM
Rainmaker
1,270,367
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

Well, a future project and something that is already in place......rates and terms are different.

Jan 23, 2018 11:01 PM
Ambassador
2,348,858
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

The manner in which they are structured and typically the interest rates. Speak with a lender who handles each and you'll see there's a big difference.

Jan 23, 2018 11:46 AM
Rainmaker
253,089
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

If you are building a home, a construction loan may be used to finance the build.  Typically, the builder gets a monthly draw based upon the expenses of the past month and where the home is in the construction process.  After the home is completed, most people pay off the construction loan with a long term mortgage.  But there are other options out there with all in one mortgages. Best to talk with a lender who specializes in these types of loans.

Jan 23, 2018 11:38 AM
Rainmaker
1,006,166
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Barbara is the expert.

Jan 23, 2018 08:46 AM
Rainmaker
2,522,660
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

The differences are many. Are you referring to a homeowner buying a new construction home from a builder, OR a builder obtaining financing for the project?

Jan 23, 2018 07:54 AM
Rainmaker
1,659,653
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Builder is paid in draws , while building (using the buyer's $$$)

Jan 23, 2018 05:06 AM
Rainmaker
4,400,161
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

You need to have regular conversations with your trusted local mortgage loan officer.

Jan 23, 2018 04:53 AM
Ambassador
3,213,254
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I am sure that a lender would know.

Jan 23, 2018 04:24 AM
Ambassador
3,718,744
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Brad Andersohn - rate lock etc are longer term for new construction.

Jan 22, 2018 09:52 PM
Rainmaker
229,838
Mike Rock
Complete Design - Granite Bay, CA
Granite Bay Luxury New Construction...For Less

lots. qual/rates/timing and more

Jan 22, 2018 06:57 PM
Ambassador
2,665,067
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

well I've never seen a one and done construction loan, they usually have draws as stages are complete.

Jan 28, 2018 09:36 PM
Rainer
2,590
EDWARD B MARKS
Marks & Spencer Intl Realty, LLC - Boca Raton, FL
MBA,TRC,Real Estate Broker, Relo,1031 Specialist

With an existing structure mortgage the full amount of the loan is paid at closing from the lender.With a construction mortgage the funds are customarily paid in increments related to the amount of constrction that is completed.

Jan 24, 2018 08:27 AM
Ambassador
3,488,860
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

From the underwriting side there are different requirements involving copies of permits, builder docs and disclosures and a builder warranty required on new construction transfers in TN.

Jan 23, 2018 05:58 PM
Rainmaker
3,822,461
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck

Jan 23, 2018 07:22 AM
Rainmaker
4,051,184
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Not much.

Jan 23, 2018 06:39 AM
Rainmaker
2,477,562
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Many differences. An existing dwelling involves one payout at closing. A construction loan has negotiated payouts as construction proceeds.

Jan 23, 2018 04:19 AM
Rainmaker
812,463
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

no clue-  used or new residential loans.....

Jan 22, 2018 08:54 PM