construction loan: Can I Use My Land as Equity for a Construction Loan?
- 02/21/21 10:16 AM
Financing a custom home project is not nearly as straightforward as buying a resale home with a conventional 30-year mortgage. The best place to start on any building project is with a lot, this purchase not only determines where you will build but in many cases what you can build. The other benefit gained from leading with the lot purchase is that it gives you an equity position to work from for the rest of the process. In order to use the lot as equity for the subsequent construction loan, you will need to own the land free and clear. If you … (0 comments)
Financing a custom home project is not nearly as straightforward as buying a resale home with a conventional 30-year mortgage. The best place to start on any building project is with a lot, this purchase not only determines where you will build but in many cases what you can build.
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