Millions of Americans hope to purchase homes in the coming years. Many plan to do so within a year. While all those people are looking to the future with anticipation, quite a few may be in for a disappointment. Acquiring a home loan is reported to be more difficult now than in the past, so many people may not be able to get the financing they need to become homeowners. That being said, a certain option is largely being overlooked: construction loans.
Connecting Families with the Lending Solutions They Need
Landmark 24 Homes, Inc. is committed to connecting Georgia families with the lending solutions they need to purchase homes of their own. The company has been serving clients and the local community for 15 years and plans to continue its tradition of excellence for decades to come. In conjunction with its partnered lenders, Landmark 24 offers a range of loan options and strives to tailor the lending process to the unique needs of its clients. It also provides home-building services to ensure clients not only secure financing but enjoy their dream homes.
What Are Construction Loans?
Numerous types of mortgage loans are on the market at this point. Each one has its own set of benefits and drawbacks. Many traditional mortgage loans come with considerable down payments. From there, these loans provide a lump sum to be put toward the inclusive purchase of the home. The conventional mortgage loans are then paid back in monthly payments that cover both principal and interest. As mentioned, though, these types of mortgages aren’t available to everyone. Those with credit issues, lower income, or other setbacks may not be eligible for these loans.
Construction loans work a bit differently. For one, they don’t initially focus on the bigger picture, which would be a full-blown house. Instead, they apply to either new home construction or the entire process of homeownership. They’re allotted in phases based on construction progress. Along the way, borrowers only make payments on the interest accrued on the loan during the construction process. Different types of construction loans are available, each of which plays out a bit differently.
Looking at the Different Types of Construction Loans
Construction-only loans apply solely to the construction of a new home. This type of loan typically must be paid in full when construction is completed. It must also be followed by an actual mortgage loan. As noted at https://landmark24.com/, a construction-only loan can be beneficial in some cases. It offers people a gateway into homeownership while allowing them to prepare for the mortgage to come.
Another option in this category is the construction-to-permanent loan. This loan begins as a construction loan. Once the house is completed, it automatically transitions to a conventional mortgage. It comes with a few advantages over other alternatives. For one, it eliminates the need to pay closing costs and other fees twice. Several versions of these loans are available via https://landmark24.com/contactus/, some of which are geared toward those who might not be eligible for traditional home loans through standard lenders.
Becoming a Homeowner
With so many people striving for homeownership at this point, there’s certainly a growing need for mortgage loans. Still, the traditional mortgage route isn’t right for everyone. It’s not even an option for some. Fortunately, there are alternatives. Construction loans may be the solutions many would-be homeowners are looking for to make their dreams come true.
Company Name: Landmark 24 Realty, Inc.
Contact Person: Media Relations
Email: Send Email
Phone: (912) 353-1275
Address:6605 Abercorn St #100
Country: United States
Source: Financial Content