Build your perfect home with Mann Mortgage’s customized Construction Loans!
Construction loans make building Your Dream Home surprisingly easy and affordable.
What are construction home loans?
The task of constructing a new residence or embarking on substantial renovation projects is undeniably substantial. It necessitates a nuanced comprehension of construction loans, a financial vehicle uniquely designed to address the fiscal demands inherent in these ambitious undertakings. This guide has been meticulously crafted to furnish you with a comprehensive reservoir of knowledge concerning construction loans, covering a spectrum that includes diverse loan types, considerations pertaining to interest rates, the requisite qualification criteria, and an assortment of frequently asked questions. Our Las Vegas Office’s unwavering commitment is to endow you with the indispensable knowledge essential for proficiently and professionally navigating the intricacies of construction loans.
Not sure where to get started? That's okay too, we're happy to meet you where you're at and direct you to the right place or person.
The MannMade construction loan process.
A construction loan is a short-term loan that finances the construction of a new home or the renovation of an existing one. It covers the cost of labor, materials, and other expenses related to the construction process.
- During the construction phase, you receive funds in installments, known as “draws,” to pay your builder and suppliers. Once construction is complete, the loan may be converted into a permanent mortgage or paid off.
There are various types of construction loans, including construction-to-permanent loans and standalone construction loans. Each type serves different purposes and has unique terms.
Interest rates on construction loans can be variable or fixed. They are typically higher than rates on traditional mortgages due to the higher risk involved.
To qualify for a construction loan, you’ll need a solid credit history, a detailed construction plan, and a lender willing to work with you. Our Las Vegas Office can assist you in the qualification process.
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Construction loans are short-term loans that fund the building process, while traditional mortgages are long-term loans for purchasing existing homes. Construction loans involve periodic draws, while mortgages have consistent monthly payments.
The choice depends on your project’s specifics. If you’re building a new home, a construction-to-permanent loan might be suitable. For renovations, a standalone construction loan may be more appropriate.
Interest rates for construction loans vary, but they are generally higher than mortgage rates. Factors like your credit score and the lender’s policies can influence the rate you receive.
Construction loans are designed for professional builders and contractors. DIY projects may not be eligible for this type of financing.
Prepare by having a well-defined construction plan, a detailed budget, and all necessary financial documents. Our Las Vegas Office can guide you through the application process and help you gather the required paperwork.
“I was always in the loop on my loan process. I loved the one-time close construction loan. It saved me thousands to be able to lock in the interest rate.”
Josue Gabriel Lopez
Let's get you home.
Borrow up to 97% of a home’s value with as little as 5% down. Our local loan experts will help guide you.
