Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
Choosing the right construction loan lender can help you a great deal in the process of building your house. Building a house is exciting. However, the problems that come with selecting a bad construction loan lender can negate some of that joy and excitement. Here are a few tips to selecting the right construction loan lender for your project.
1. Check Reputation
Asking around will most likely give you the best information about who is a good construction lender and who is not. Many lenders tend to specialize in construction loans. Finding one that specializes in them and is good at what they do is critical. If many people say that a certain lender is the best, there is usually a reason for that.
2. Consider Customer Service
How the construction lender treats their customers should be a big consideration for you, as well. If they take care of their customers and have a reputation of doing so, you will be in good hands. Remember that you will be relying on your lender to give you money for construction costs, so you will want them to be easy-going and flexible.
3. Find the Best Deal
Finding the best deal for your loan is also very important. Look for the lowest interest rate and the lowest closing costs. The more you can save on the construction loan, the better off you will be in the long run.
- How to Get Approved for an FHA Loan despite Bad Credit
- Alternatives to Getting a 2nd Mortgage
- Second Mortgages: Advantages and Disadvantages
- FHA Eligibility with Bankruptcy and Foreclosure
- Appraisal Basics
- 3 Factors that Can Negatively Affect Your Mortgage Application
- 3 Common Short Sale Mistakes
- FHA Loans for a First-Time Home Buyer
- Home Equity Loans for People with Bad Credit