Obtaining a Mortgage. The lender will clear the loan to close after you have a certificate of occupancy, and you can use the funds the lender releases to pay the balance of your construction loan. After you have paid this balance, your construction loan will no longer exist, and you can begin making monthly mortgage payments of principal and interest.
About Construction Loans. A construction loan is used to finance the construction process of a new home. Unlike standard mortgages, lenders approve construction loans based on the information you give them about the home you plan to build, as opposed to the value of an existing home. Two primary types of construction loans exist: construction-only.
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The Guarantee is non-transferable and does not apply to loans obtained to purchase a new property, new loans that result in the creation of a separate lien on the current property (i.e., a "home equity loan"), renovation loans, bond loan programs, down payment assistance programs or personal loans (i.e., loans that are not secured by the.
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Since Gateway is committed to servicing the loans we originate, you can have a local and trustworthy companion to call on for any of your mortgage needs. My promise to my clients is to provide transparency, timely communications, and excellent service.
Jan. 30, 2019 /PRNewswire/ — New American Funding, a leader in the mortgage industry, today announced it closed more loans and has the highest market share (6.87%) in the Atlanta Metro region for new.
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