I am looking to build a house and looking at construction loans....I am not sure I understand the process fully but sounds like its interest only and then will be rolled into a mortgage? Could have one or two closes? and always caries a 1% origination fee?
So far best I have been given is 1% and 5.5% plus other fees.
I plan on building a $450-500K home (including pool/shop) but I do have approx 200-250K of equity in my current home that I will have to apply to my mortgage....Probably will not put it up for sale until we get closer to the new house being ready.
Feel free to pm me if you can offer better rates or have suggestion. Thx