Now that you have a complete construction loan application package put together its now time to send the package along with a set of plans to the bank. It is important to note that some lenders are finally catching up with modern day technology.
30- year fixed. 3/1, 5/1, 7/1, 10/1, jumbo loan, 1-year-only construction loan? When asked this particular question, most families do not realize that construction loans are nothing more than typical mortgages such as a 30-year fixed or an arm product.
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