Construction Loans
Construction Loans
A Construction to Permanent loan, often abbreviated as C2P or CP loan, is a specialized financing option for individuals looking to build a new home. This type of loan combines the construction loan and the permanent mortgage into a single loan package. Initially, it funds the construction phase of the project, covering costs such as materials, labor, and permits. Once construction is complete, it seamlessly converts into a traditional mortgage, providing long-term financing for the finished home. This eliminates the need for borrowers to secure two separate loans and go through the application process twice.
Construction to Perm loans often have adjustable interest rates during the construction phase, which transition to fixed rates when the loan becomes permanent.
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