Question:

How to get good construction loan interest rate?

Answer:

Before selecting the right construction loan, you will have to shop construction loan interest rates. Construction loan interest rates depend on what combination of financing you will need for your construction project.

Different construction loan financing options will have different interest rates and terms.

A Construction To Permanent loan with single set of closing fees will get you best rates and lowest closing costs when purchasing a modular home. This type of loan works with disbursing funds following the construction schedule.

A traditional Construction To Permanent loan will require two loans and two sets of closing fees. One is for the interest only construction loan for the time of construction; the second loan is the permanent mortgage obtained for your house upon completion. The benefit of this format is that the borrower is allowed enough time to shop the best long term mortgage loan with the best interest rates.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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