More information of Home Construction Loan
For the Home Construction mortgage loan, as with the Investment Property Loan, U.S. Bank also does not provide public information on the characteristics, such as term, amount, fees or interest rates.
If you want to know what offer the bank makes you for your specific case, you should contact a manager of the entity specialized in this type of transactions, so that he/she can tell you the specific conditions that U.S. Bank can offer you according to the different variables you provide, such as the type of house you want to build, the area, the materials, the size, your personal and work situation, your credit score, etc.
For the construction of a house you can also provide as collateral another property that you already own, thus being able to obtain better financing conditions.
The money can be made available little by little, as the builder and contractor need it to move through the various phases of the project.
Before choosing a builder to build your home, it is a good idea to find out how he works and make sure you can trust him by consulting with others he has worked for. A bad choice can mean an increase in the cost of the project and undesired results.
Español: Hipoteca para Construcción de Viviendas de U.S. Bank