A construction loan is used to construct a home
or complete a important remodel and/or addition,
It is usually a line of credit skilful by the
bank.
The borrower submits bills to the bank for
payment. Payment is issued directly to the servicer
and a lien waiver is collected as verification
that the contractor has been paid.
During the process, the bank monitors progress to
a make sure the project stays on budget
and
the borrower has enough funds to complete the home.The normal term for a construction loan is six to
twelve months.
The borrower makes monthly interest payments for
the term of the loan.
A conventional mortgage is a type of mortgage that
meets the criteria of Fannie Mae and Freddie Mac.
It is not insured or guaranteed by any government
agency. The normal term for a conventional mortgage is 15to30 years
and rate can be fixed,adjustable, or fixed for a
period of time then converting to adjustable.
Funds from a conventional loan are used to
purchase a home, refinance an existing mortgage (or mortgages), or
to payoff a construction loan
Loan Sanction For Construction Of House, Building, Residential,
Apartment, Villa & 8.65% Lowest Interest Rate with Instant Approval Nationalized Banks
Apply 9964563600
GET MORE INFORMATION
www.bkhataloans.com