Construction Loan Closing Costs NC
By Eleanor Thorne, Advantage Lending 919-649-5058
(Equity Resources)
There are several different ways to finance a new custom home, most commonly, you would pick out a lot, and find a Builder who will build the home to your specifications. This “Custom Home” loan, or construction loan, would be in your name – and the builder would receive “draws” or lump sum amounts from us as the phases of the home are finished. Usually there are 5 “draws” on your construction loan during the process. With the new Construction Loan closing costs schedule we offer in NC, we only have one set of closing costs. What does that mean?Traditionally, customers looking to build a custom home would seek out a “Two Time Close” construction to permanent loan. With this type of loan, the customer would get a line of credit for the construction and once the home is complete; a ...
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