For many of our clients this is their first experience with building a new home from the design stage through construction. Our team understands the process can be intimidating, especially the financing of their new home.
Financing the purchase of a resale home or an inventory home that’s ready to move-in is typically done with a conventional mortgage. However, when building a custom home literally from the ground up, it’s best to use construction to permanent financing.
The benefits of a construction to permanent mortgage include:
- • It allows the owner to lock in the interest rate up front. No matter what happens with rates while the home is under construction, the owner has peace-of-mind their interest rate won’t be impacted.
- • When using a construction to permanent mortgage, the owner doesn’t pay doc stamps on the entire home, only on the value of the lot at closing. This can save thousands of dollars.
- • With this type of financing the owner pays only the interest on the loan amount that has been dispersed until the home is complete.
At Lee Wetherington Homes we work with several established lenders. Ask us for recommendations – that’s part of our outstanding customer service that makes it easy to build with Lee Wetherington Homes.