Knowing the Phases of SAFE’s Construction/Permanent Loans
A construction-permanent home loan is a three phase home loan which allows you to finance the construction of one’s new house. Unlike other styles of the latest construction mortgages, SAFE’s loan lets you secure your rate of interest and shut your loan before construction is also started. That is a one-time closing without the need to re-qualify when it comes to phase that is permanent.
During Construction, disbursement was created to cover the fee to construct, and interest is paid just from the balance that is outstanding. Whenever construction is complete, the mortgage converts to a permanent home loan. Continue reading “Construction-Permanent Loans”