Modular-Experts.com

Unless you are paying cash for your home and improvements, obtaining a Construction Loan will be necessary to facilitate your Modular Home Project. Here is important information about Construction Loans for Modular Homes.

Consider the Following:
1) A construction loan is much different and more costly than regular mortgage financing;

2) A construction loan has a higher interest rate than residential home mortgages.

3) Check loan options at www.myconstructionloan.com

4) A construction loan is a line-of-credit that is used to pay pre-determined costs of a construction project.

a. Once construction is completed, the Construction line-of-credit is paid off with a residential mortgage.

5) Typical pre-determined construction costs include

a. the Lot purchase or payoff,

b. permits and fees,

c. the factory constructed home,

d. on site costs, and

e. any other subcontractors and suppliers who perform work and provide supplies as the job progresses.

Also, the line-of-credit may provide for interest payments during the construction period and contingencies to cover potential cost overruns, as well as closing costs.

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