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22 Dec 2015
Although keeping the exact home you want is an outstanding benefit, financing home building can be a different matter. In case you are working with a custom builder, you will have to assume something known as the "construction loan". This is the loan that settles the builder when they build your home. Construction loans are generally short term loans that pack a higher interest rate than your traditional mortgage.
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If you are purchasing a starter home, this can thankfully not affect you. Builders of "starter homes" realize that a lot of their possible buyers are not able to qualify for an increased rate construction loan nor do they understand or care to acquire a short term loan then this long term loan. That is...