Many homeowners use construction-to-permanent financing programs where the
construction loan is converted to a mortgage loan after the certificate of
occupancy is issued. The advantage is that you only have to have one
application and one closing.
Depending on your view on interest rate trends, you could also purchase a
rate-lock agreement valid through the expected completion of the
construction. Just make sure you allow for the inevitable construction
delays.
A construction loan, unlike a mortgage, isn't meant to be around for a long
time. If you're taking out a $200,000 construction loan for six months and
you pay an extra 0.5 percent on the loan, it costs you an additional $250.
(Assumes an average $100,000 loan balance over a six-month construction
period.)
You may be willing to pay a higher rate on the construction loan if you're
doing construction-to-permanent financing and can get better mortgage terms
or a longer, better rate lock from that lender.
Maine Construction Loans
Construction Loans for Maine Homeowners! We've Got Just The Right Loan, For All Types Of Maine Homes Including Log, Timber Frame & Modular Homes
Construction-To-Permanent Loans One loan, one closing and one set of fees! Get Maine construction financing and permanent financing all in one loan.
Lot Loans Looking to purchase a Maine residential lot for future construction of your primary residence or vacation home? If so, our Lot Loan is the right loan for you. And when you are ready to build, we will help you with your Maine Construction-to-Permanent Loan.
Remodeler Loans Designed for Maine homeowners looking to improve a primary residence-new kitchen, bigger bathroom, room addition and more!
Bridge Financing Don't wait to sell your old Maine home before building your dream home. You can access equity in your current home to use as the down payment on a Construction-to-Permanent Loan.
The Pine Tree State is known for it's natural beauty, with over 3,500 miles of rocky coastline and over 32,000 miles of rivers and streams. Maine also boasts Acadia National Park, the second most visited national park in the United States.
Maine has a unique history as well. With popular sentiment unified behind statehood, the separation movement went forward here. Congress established Maine as the 23rd state under the Missouri Compromise of 1820. This arrangement allowed Maine to join the Union as a free state, with Missouri entering a year later as a slave state, thereby preserving the numerical balance between free and slave states in the nation.
Loan Programs & Options Smart Home Mortgage Loans inc. offers many loan programs from the primary lenders in all 50 states. Our lending institutions provide home purchase, second home equity, mortgage refinancing, and refinance loans. Whether you are searching for conventional, non-conforming or subprime refinancing, our company can connect you with the finest financing providers online.
Home
Financing Basics For those of you who didn’t get a finance degree from a graduate business school, we created this section so that average homeowners can understand the basic for refinance and purchase mortgage loans. Our site will provide you with mortgage references and relevant definitions for loan terms so that you can make wise finance decisions that involve residential mortgages.