We are considering building a house and I was wondering, do you start paying your loan while the house is in construction or after it's finished?When building a new house............?
Most builders will require some sort of deposit to act as suretyi.e so you don't change your mind. Then they will require you to apply for an ';end loan'; which starts when the property is completed. The builder carries a construction loan which is usually an interest only loan and when the hse is done, the property is conveyed to the buyer and the buyer starts paying on the end loan. Payments ususally start 30-45 days after the loan closes.When building a new house............?
It all depends on the terms of the construction loan provider. Some will have added interest to the loan package, others may not. Check with your builder to get the full disclosures of the deal.
MOST BUILDERS HERE IN N.J. WILL TAKE 1/3, TO START 1/3 WHEN THEY ARE HALF WAY FINISHED AND 1/3 WHEN THEY ARE FINISHED. BEFORE YOU PAY THEM OFF AND COMPLETE MAKE SURE THAT EVERYTHING IS FINISHED AND WHAT YOU WANT BECAUSE YOU MAY NEVER SEE THE BUILDER AGAIN,ALSO HAVE A TIME LIMIT WORKED OUT.
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