Build your perfect home with Mann Mortgage’s customized Construction Loans!
Construction loans make building Your Dream Home surprisingly easy and affordable.
What are construction home loans?
Construction Loans play a pivotal role in realizing your home construction goals. Understanding the nuances of these financial instruments is crucial, as they differ from traditional mortgages and require careful consideration. Our Medford Office is committed to offering clarity and expertise throughout your lending journey, enabling you to bring your vision to life.
Not sure where to get started? That's okay too, we're happy to meet you where you're at and direct you to the right place or person.
The MannMade construction loan process.
Construction Loans, offered through our Medford Office, are designed to finance the construction of a new home or major renovations on an existing property. They cover the costs of labor, materials, and other project-related expenses.
- These loans are typically short-term, covering the duration of the construction project. Once construction is complete, they are often converted into a traditional mortgage or paid off in full.
- During the construction phase, borrowers typically make interest-only payments on the loan. Principal payments are deferred until the project’s completion.
Construction Loans involve a draw process where funds are disbursed in stages as the project progresses, ensuring that the funds are used for their intended purpose and safeguarding both the borrower’s and the lender’s interests.
Securing a Construction Loan often requires a solid credit history, a down payment, and a clear construction plan that outlines the project’s scope, timeline, and budget.
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Learn more about
construction loans
While both serve to finance housing, a Construction Loan, as offered by our Medford Office, is specifically tailored to fund the construction or renovation of a property. Unlike traditional mortgages, Construction Loans are short-term, typically have higher interest rates, and require interest-only payments during the construction phase.
The draw process involves periodic disbursements of funds to cover construction-related expenses. Borrowers request funds as needed, and our Medford Office verifies that the work has been completed according to the construction plan before releasing the funds. This system ensures that the money is used efficiently and effectively.
A construction-to-permanent loan, available through our Medford Office, combines the Construction Loan and the permanent mortgage into a single loan. It streamlines the process, eliminating the need to secure a new mortgage once construction is complete, and often offers more favorable terms.
Generally, Construction Loans are designed for professionally managed construction projects. If you plan to oversee the construction yourself, it’s important to discuss your options with our Medford Office, as eligibility and requirements may vary.
To enhance your eligibility for a Construction Loan from our Medford Office, maintain a strong credit history, save for a substantial down payment, and provide a well-detailed construction plan. Working with an experienced builder can also bolster your application.
“I was always in the loop on my loan process. I loved the one-time close construction loan. It saved me thousands to be able to lock in the interest rate.”
Josue Gabriel Lopez
Let's get you home.
Borrow up to 97% of a home’s value with as little as 5% down. Our local loan experts will help guide you.
