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how to apply for a construction loan

What construction loan documents do I need to provide prior to the first drawdown? Unlike the structure of a standard home loan, construction loans are progressively drawn-down. This means that you draw down the loan (or increase your borrowing) as needed to pay for the construction progress payments.

The initial steps of obtaining a construction loan are similar to buying an existing house: meet with a lender to get pre-approved for the amount you can afford. Develop your wish list, including locations and features. Visit new home communities and builders in your selected price range. An.

Construction Loans Explained A construction loan is a short-term loan to fund the construction of your new home .. Find out how to Apply for Construction Loan and start enjoying your new.

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