Are you planning to build your own new home from scratch? This can be an exciting endeavor, but it will require a construction loan/mortgage to help you finance the construction costs of building your new home. Construction loans may include:

• A reserve fund to support unexpected costs that arise along the way.
• A variable rate that fluctuates with the prime rate.
• A higher rate than a residential mortgage.
• A construction loan may require documentation of building plans.

To learn more about construction mortgages and construction loans, contact our team today.