As you shop for a house, you might find that existing properties don’t line up with your idea of a dream home. Maybe the layouts aren’t quite what you’re looking for, or perhaps the homes are missing non negotiable elements like a pool. Considering how big of a purchase a home is, you should ensure you get exactly what you want and do limited compromising.
The good news is that house building in Houston is always an option. Who wouldn’t want to design their layout from scratch and choose their preferred style, whether it be colonial or mid-century modern? While building your home can seem far-fetched when you don’t have the money upfront, you can always finance this project. Here at Rock Mortgage, we’re ready to discuss the types of loans that are best for building a house. This article should leave you with a better understanding of the financing options available to you.
Tipo de préstamos de construcción para construir una casa
¿Qué es un préstamo únicamente para construcción?
A construction loan is any type of financing that helps fund the building of a house. Several types of construction loans are available. The first one we’ll discuss is a construction-only loan, which provides funds exclusively for the building portion of your project. The lender distributes these funds based on the percentage of the project completed and collects interest from the borrower. As a short-term solution, a construction-only loan usually requires the borrower to pay the loan in full in one year or less.
This type of construction loan for building a home isn’t ideal for those who’ll need a permanent mortgage after they complete their project. For one, you’ll have to pay separate closing costs for your construction-only loan and permanent mortgage. Another potential downside is that if financial hardships during the construction project cause you to become ineligible for a permanent mortgage, you won’t have the funding you need to pay off your new home.
¿Qué es un préstamo de construcción a permanente?
Un préstamo de construcción a permanente es similar a un préstamo solo de construcción en el sentido de que cubre el costo de construir una casa y requiere que los prestatarios realicen pagos de intereses únicamente durante el proceso de construcción. Una vez que la casa está terminada, el préstamo se convierte en una hipoteca permanente. Los prestatarios comenzarán a realizar pagos que cubran el capital y los intereses durante el período estándar de 15 a 30 años. Esta oferta dos por uno le permite evitar costos de cierre duplicados y ahorrar más de miles de dólares.
¿Qué es un préstamo de renovación?
Those who want to upgrade an existing property should consider a renovation loan. Many homeowners use a credit card or obtain a personal loan if the renovations cost less than $20,000. More expensive renovations may call for you to tap into your home’s equity by applying for a home equity loan or obtaining a line of credit. Yet another option is a refinanciamiento con retiro de efectivo, which involves taking out a new mortgage that’s higher than your current one and receiving the excess amount as a lump sum.
Requisitos de calificación para un préstamo de construcción para construir una casa
A construction loan for building covers costs for land, permits, materials, and labor. Because the house isn’t built yet, lenders consider this type of financing to be risky. They minimize the risk of you walking away from the project by implementing higher interest rates and ensuring you have good credit. Additionally, you might need to provide a “blue book” that shows you have a comprehensive plan for your project before completing the proceso de préstamo.
If you’re still unsure which type of construction loan for building a house is right for you, contacte a Rock Morgage today. Our experts can walk you through your options and match you with the appropriate financing for building a house in Houston. Whatever type of home you want to build, we’re here to help you make your dream a reality.