Top Construction Loan Lenders Transform Dream Homes Today
Considerations and Costs
When considering a construction loan, it's important to be aware of potential costs and requirements. Interest rates are generally higher than those of traditional mortgages due to the inherent risks. Additionally, lenders may require a substantial down payment, often around 20% to 30%4. It's crucial to have a well-detailed construction plan and a reliable contractor to ensure the project's success.