New Construction/Lots

What are home construction loans?

 

Building a brand-new home to your exact specifications may sound like a dream come true, but home development can get pretty complicated, especially if you need to take out a loan to pay for it.

 

From good credit, to construction timetables, the Mortgage Network has experienced loan officers who can help you through everything you need to know about home construction loans. A construction loan is a short-term, interim loan to pay for the building of a house. As work progresses, the lender pays out the money in stages.  There are also options for one-time construction loans that   include the cost of the lot,  construction and permanent mortgage combined into one loan and one loan closing.

Construction loans are typically short term with a maximum of one year and many times will carry variable rates that move up and down with the prime rate. The rates on this type of loan are higher than rates on permanent mortgage loans. To gain approval, the lender will need to see a construction timetable, detailed plans and a realistic budget from the builder of your choice. 

 Testimonials

We loved Natalie. Natalie was extremely helpful throughout the entire process. We were first time homebuyers and had a lot of questions. She responded to all our emails in a timely manner and spent plenty of time on phone calls with us as well. She made this process very easy and pleasant for us. We would definitely recommend her.


Michela P from Corpus Christi, TX/Purchase

15110 Aquarius St.
Corpus Christi, TX  78418 
info@cbmortgagenetwork.com ~ 361-207-4217

NMLS#197135 ~ Branch NMLS#1794867

 

 

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"CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. 

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."