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Have you ever wanted to create a home that's uniquely yours? A Home Construction Loan can make that happen. At Clear Rate Mortgage, we offer loans designed to fund every step of your custom home build, from the first shovel in the ground to the moment you walk through the front door.
What's a Home Construction Loan?
A Home Construction Loan gives you the money to build a new house from scratch. Unlike regular mortgages for existing homes, these are short-term loans that cover building costs. They usually pay out in stages, giving money to builders as they finish each part. Once your home is done, many of these loans can become regular mortgages.
Why Pick a Home Construction Loan?
- Build Your Perfect Home: These loans let you pay for a house built just the way you want, from the layout to the little details.
- Pay as You Go: Money is given out in stages, making sure builders get paid as they finish each part, keeping things on schedule.
- Flexible Terms: These loans can be adjusted to fit how long your project will take and what you need, giving you wiggle room during building.
- Easy Switch to Mortgage: When your home is finished, many of these loans can quickly become regular mortgages, making the money part simpler.
Who Can Get a Home Construction Loan?
To get one of these loans, you usually need:
- Good Credit and Steady Pay: Banks often want to see a high credit score and reliable income because these loans are riskier than usual.
- Clear Building Plans: You'll need to show a detailed plan for your house and cost estimates from a licensed builder to qualify.
- Big Down Payment: These loans often need a larger down payment—usually 20% to 30%—because they're riskier for the bank.
How Clear Rate Mortgage Can Help
At Clear Rate Mortgage, we know building a home is exciting but tricky. That's why we offer personal help through the whole process, helping you get the money you need to build your dream home. From planning to finishing, we're here to help every step of the way.
Want to Start?
If you're ready to start building your dream home, Clear Rate Mortgage is here to help. Pre-Qualify Now! and take the first step towards funding your custom-built home.
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