Building a home can be a difficult or wonderful experience. At Costa, we help you with the building process and can also help you understand the financing process so it is more streamlined and enjoyable.
We will recommend a few banks that best fit your situation that can possibly offer you a construction loan with a one-time close at the beginning. You will be able to lock in your interest rate at the start and just pay interest only until the home is complete for qualified buyers.
Did you know that your mortgage payment on the new home does not start until the home is complete?
Did you also know that you can use equity sometimes that you have in your current home as a down payment on the new home?
Please call us today and let one of our experts help you understand the financial part of the process!
A few bullet points to remember:
- Terms up to 30 years
- Fixed or variable rates
- Automatic payments can be taken directly from your checking account, no need to write a check each month
- Escrow account conveniently spreads Real Estate taxes over 12 payments
- One closing, not two
- Rates the same as residential mortgage rates
- Lock your rate in at commitment