Build Your Future with a Construction Loan
We can help you today with a regular construction or all-in-one Construction to Permanent mortgage loan
Home ownership is a sweet dream shared by millions in America.
Some buy a home and others construct their own. If you have your plans to construct one, we can help you with a construction mortgage loan as well designed as the home of your dreams.
Before you pull up your sleeves to construct your own home, first decide on how much you're going to pay for the following major expense items:
- Cost of the land, already developed and ready for your home.
- The blue-print, house design and architectural fees.
- The cost of the materials, labor and the construction itself.
- The cost of the principal and the interest on your construction mortgage loan.
The total of these four items will determine how much you're going to need to finish the project.
And the chances are, you'll quickly find out that conventional bank loans for construction projects are hard to come by, especially if you are an individual constructing his or her first house.
Even if you have excellent credit, banks are very reluctant to extend that kind of help to individual first-time builders.
The reason is simple: construction projects are notorious for all kinds of overruns, unexpected delays and new cost items that catch both the owners and the banks off guard. The famous Murphy's Law "the things that can go wrong, will" was probably coined with construction projects in mind.
That's when as Mortgage Wizards, Inc. we can help you with the construction mortgage loan you need to reach your goal.
We can provide you with two different kinds of construction mortgage loans:
- The regular Construction Loan, and the
- Construction-to-Permanent Financing (C-to-P) Loan.
The regular construction loan is typically a 9-, 12 or 18-month short-term loan to see you through the physical construction of your house. The loan is drawn in 3 or 4 installments, according to the progress on the site.
Our clients usually pay only the interest on the loan until their construction is finished. Under some circumstances, there is a 12 to 18 month moratorium on payments. Once they receive their Certificate of Occupancy, the principal of the loan is also paid off to complete the financing process.
However, a number of our clients also prefer the Construction-to-Permanent (C-to-P) type of financing where their construction loan converts into their regular house mortgage.
Here are the benefits of C-to-P loans:
- There is only one application, one closing and one set of paperwork for both loans. You save time and money and the hassle of going through two different mortgage settlements.
- We can save you hundreds of dollars that you would otherwise spend for your "conversion fee" if you decide for a C-to-P loan well in advance, at the time you sign your original construction mortgage loan.
- You can lock your interest rate in advance to protect yourself from any future interest rate hikes.
- We can even include a float-down option (with special conditions) to allow you take advantage of the falling interest rates in the future.
Call us TODAY at (877) 310-FUND to discuss you specific construction mortgage loan needs in strict privacy.
We'd be happy to help you enter through the front door of the house of your dreams, just like we’ve done for scores of happy clients in the past.
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