Re: Building a Home Vs. Buying a Home
As far as loans, here you have to get a 'land loan' then a 'construction loan' then when everything is finished you get the whopper mortgage that rolls it all together. Unless you have experience building houses our bank will not give you a 'construction loan' you have to have a builder, plans and an estimate. They do not want to take a chance on loaning you the money to build and then it turns into a worthless pile. Sometimes they pay the contactor for you (to avoid contractor liens). Once it is finished an appraiser will come out and you will get a conventional mortgage on it.
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