If your thinking
about building a new home or doing a remodel
job,
M.O.M can help!
The basic
process of financing a home under construction
consists of two parts. First, there
is the construction loan that actually funds
the project as it is being built. The
construction loan generally closes prior
to starting the project and the money is
drawn as it is needed. The nice part
about the construction loan is that you
only pay interest on the amount that's been
drawn. When the project is complete,
M.O.M. will convert the construction loan
to a permanent loan by refinancing it.
One thing
to consider, when financing your new construction
project, is when to lock in the interest
rate on your permanent loan. M.O.M.
has several options to choose from but most
often we encourage you to lock when construction
begins, so you don't have to worry about
what your final payments will be.
While construction
financing seems complicated, its easy when
you talk to a knowledgable, experienced
loan officer who can handle your project
from start to finish.
Call M.O.M.
today for more information. (320)-271-4MOM (4666)
