Understanding Construction Loans: A Comprehensive Guide explores the unique aspects of construction loans, which are financial tools specifically designed to fund the building or renovation of residential properties. Unlike traditional mortgages that provide a lump sum for purchasing existing homes, construction loans offer phased financing, disbursing funds progressively as the construction advances. This guide delves into the mechanics of construction loans, including interest-only payments during construction, the transition to a standard mortgage upon completion, and the requirements for application such as creditworthiness and detailed project plans.
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