The costs of constructing a new home including the purchase of a new lot can be paid for using a construction loan. With a construction loan from My City Mortgage, you pick the builder and floor plans to make your dream home a reality!
WHAT ARE THE BENEFITS OF A CONSTRUCTION LOAN?
Whether you’re a seasoned homeowner or a first-time home buyer, a construction loan can be the key to breaking ground on your new home build. A construction loan is an excellent option to:
- Purchase a new lot to build on
- Construct a new home on a lot you already own and use the lot equity towards the cost of building
- Only pay interest on the drawn funds
- Lock your rate for up to 12 months
- Work with the builder of your choice (subject to approval)
- Design your ideal floor plan
- Use your home as completed appraised value to determine the loan to value
INTERESTED IN LEARNING MORE?
Construction loans can be complicated, but My City Mortgage is here to guide you through the process from start to finish. Contact your local My City Mortgage loan officer for a free pre-approval and consultation today!
