If you’re thinking about building a house in Houston, Texas, you have many options when it comes to financing your work. A construction loan, for example, can give you the capital you need to get the job done. But how is this loan related to mortgage loans? And which one is harder to get? This guide can help you learn more about each loan type to ultimately help you decide which option is best for you.
¿Qué es una hipoteca?
A mortgage is a long-term loan that you can take out to finance the cost of a home, land, or other real estate option. When you borrow money for a loan, you’ll pay the lender back with a series of regular payments that include interest that builds over time. You’ll also use the property as colateral, o un activo que su prestamista aceptará como garantía del préstamo.
Antes de solicitar una hipoteca, verifique su elegibilidad con su prestamista, incluidos sus puntajes crediticios mínimos y requisitos de pago inicial. Luego, su solicitud pasará por un extenso proceso de revisión diseñado para evaluar su capacidad para devolver el monto prestado en su totalidad. Explora nuestro sitio web para conocer este proceso y comience su solicitud.
¿Qué es un préstamo para construcción?
A construction loan is a sum of money that you can borrow to help you pay for a construction project. While a traditional mortgage helps you finance the purchase of a house that’s already built, a construction loan can help you build your own residence. Besides the different purposes between a mortgage and a construction loan, they also hold differences when it comes to the length of the loan, financing requirements, the disbursement of payments, and the down payment. Depending on the type of loan you select, your application process may be more challenging and time-consuming.
Préstamo para construcción versus hipoteca
Estas son algunas de las diferencias entre cada tipo de préstamo:
Longitud
En general, los préstamos para la construcción son a muy corto plazo. Pueden tener una vida útil de un año o menos. Una hipoteca, por el contrario, dura más y muchos prestatarios tardan hasta 30 años en pagar la totalidad de sus préstamos. Sin embargo, algunos préstamos para la construcción podrían convertirse automáticamente en una hipoteca permanente una vez finalizada la construcción, lo que les permitirá continuar.
Requisitos
The requirements for a construction loan may be more complicated than those of a traditional mortgage. A construction lender will often ask a borrower to produce detailed plans of the construction, a clear timetable for the work, and a sensible budget that shows the borrower’s ability to finish the project. For a traditional mortgage, a lender may evaluate your credit score and ability to pay back the loan, but you shouldn’t have to submit any business plans or schedules.
Desembolso
A diferencia de un préstamo estándar, un préstamo para construcción llega al prestatario en fases. Puedes dividir el proyecto en fases y recibir dinero a medida que completes cada parte o cuando lo necesites. Para seguir de cerca el proyecto, los prestamistas de construcción pueden enviar representantes al lugar de trabajo para asegurarse de que todo vaya según lo previsto.
Pago inicial e intereses
Typically, a construction loan requires a higher down payment than a traditional mortgage. In some cases, the standard down payment requirement for a construction loan is 20%. Luckily, builders can use their land as a part of the down payment as long as they own it in full. Similarly, the increased risks of betting on the successful completion of a project often leave construction loans with higher interest rates than those of a traditional mortgage. Although, as interest may have less time to build over the loan’s shorter term, this may be less of a problem.
¿Es más difícil conseguir un préstamo para construcción en Houston que una hipoteca?
In general, it’s harder to receive a construction loan than a mortgage. This is because there are more extensive requirements, a larger down payment, and higher interest rates to manage. Still, a short-term construction loan may be the right choice if you’re looking to build a home. Your rates and requirements can vary based on the loan type and lender.
When you’re looking to secure funding for the home of your dreams in Houston, you have plenty of choices. Two of these options, the traditional mortgage and construction loan, have different terms, requirements, and goals. While it may be harder to get a construction loan in Houston, you may want to consider all of your available options. If you have any questions, Rock Mortgage is here to make the process simple and clear every step of the way.
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