Mortgage Glossary

Current programs include 18 month construction loans that get rolled over into permanent financing without having to refi. For example if you get a 30 Year Fixed at 6% the first 18 months will be a construction loan and after that it will stay as a regular loan.

You want to make sure you allot enough time on a construction loan to not go over. Lenders charge an arm and a leg for extension fees. We recommend taking the maximum upfront term. Even if your a contractor yourself and think you can do it in 6 months. It will take 18 months. Trust us its not worth the .5% per month loan fee assessed on the backend.