Construction loans are normally for one year. The property must be constructed during this time, and a certificate of occupancy must be obtained. A house construction loan is a high-interest, short-term loan used to finance the development of a residential property.
Construction loans typically have variable interest rates that fluctuate with the prime rate. Rates on construction loans are often higher than those on standard mortgage loans. With a standard mortgage, your home serves as collateral, and the lender can seize your home if you default on your payments. Because the lender does not have that choice with a house building loan, they tend to perceive these loans as higher-risk.
Because construction loans have such a short term and are reliant on the project’s completion, you’ll need to offer a construction timeframe, precise designs, and a realistic budget to the lender.
Construction Completion Loan
Highly likely to recommend
“When we first met with Aldo, to discuss the sale of our home, he provided local comps regarding current real estate market sales. He gave us a provisional breakdown of what we would be able to sell our home for. It was right on the money.”
Sandra and Fernando
Sold a Mobile / Manufactured home in 2015 in Bakersfield, CA.
I would highly recommend Aldo for purchasing a home.
“Prior to meeting Aldo, my credit was in bad shape. He gave me the advice to fix my credit that would ultimately help me get funded for a loan as well as find the perfect home for my children and myself..”
Arik
Bought a Single Family home in 2015 in Porterville, CA.
Great service!
“He did a good job getting me approved for my house! Definitely recommend him!!”
-Luis Solis
Highly likely to recommend
“I have worked with Mr. Gutierrez on several occasions, he is very professional and knowledgeable in his field. I would recommend him to any and all of my friends and family, its nice working with you Aldo. Will be doing more business with you in the future.”
-Luis Sand
Bought a Single Family home in 2013 in Porterville, CA.
Aldo is great!!!
“Let him know what you need and he will work day and night to get you what you need!!! Great guy.”
-Eddie Alvarado
I would highly recommend him
“Overall professional and has knowledgeable experience in what he does. Aldo and his team were very friendly and helpful to me and my family; when we were in the process of buying a home. I would highly recommend him to anyone that is seeking to buy.”
Melissa Perez Reyes
Bought a Single Family home in 2015 in Porterville, CA.
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