Let's proceed on the assumption that you're taking out an individual construction loan. Such loans, which can be tough to get without a previous banking history because of the lack of collateral (a finished home), have special guidelines and include monitoring to ensure timely completion so your repayment can begin promptly.
construction loans are typically short term with a maximum of 10 year, and have variable rates that move up and down with the prime rate.
Let's proceed on the assumption that you're taking out an individual construction loan.
construction loans are typically short term with a min 10 year, and have variable rates that move up and down with the prime rate.
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