More and more people are opting to build a custom home instead of buying. But many don't understand how the process works (or the options available). We're here to help guide you through the steps!
It can be a challenge to find your dream home in today's market. What if you could build your dream home affordably? At Churchill Mortgage, we have a simplified home construction loan process that can help you save both time and money.
When building a home you'll need a construction-to-permanent loan. This means you can build a home and finance your mortgage using one lender and one mortgage. It streamlines the home building process from buying the land to completing construction.
At Churchill Mortgage, we offer one-time close home construction loans with several loan programs as well as a two-time jumbo construction loan option.
You’ll have two interest rates during the construction loan process:
1. The first one is your "under construction" interest rate and will be an interest only monthly payment for the length of the build while your home is under construction.
2. The second will be a "locked-in" interest rate that can be reviewed after your build is complete. This loan will become your monthly mortgage payment with a loan term like 15 or 30 years.
And the good news is you don’t have to worry about rising rates as you build!
With the housing inventory remaining tight, more and more people are looking into building a custom home. We're here to break down what you need to know about home construction loans and each step of the building process.