Build your perfect home with Mann Mortgage’s customized Construction Loans!
Construction loans make building Your Dream Home surprisingly easy and affordable.
What are construction home loans?
Construction Loans serve as a vital financial tool for individuals and businesses embarking on construction projects. Our La Grande Office is committed to demystifying the intricacies of these loans and helping you make informed decisions.Understanding the nuances of Construction Loans is crucial when planning a construction project in Island City, Orodell, or Hot Lake. Our La Grande Office is here to provide expert guidance and support throughout your loan application process, ensuring that your construction project proceeds smoothly and successfully.
Not sure where to get started? That's okay too, we're happy to meet you where you're at and direct you to the right place or person.
The MannMade construction loan process.
- Construction Loans are short-term loans specifically designed to fund the various expenses associated with constructing a new building or renovating an existing one.
These loans are typically disbursed in stages, aligning with the various phases of construction, such as land purchase, foundation laying, and completion.
Interest rates on Construction Loans can be variable or fixed, and they may be higher than those for traditional mortgage loans due to the short-term nature and risk associated with construction projects.
Lenders often require collateral, such as the property being constructed or other valuable assets, to secure the loan.
- Once construction is complete, the Construction Loan can be converted into a long-term mortgage or paid off in full, depending on the borrower’s financial strategy.
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Our quick and secure process takes less than 10 minutes to apply.
Learn more about
construction loans
Construction Loans are short-term, typically with higher interest rates, and are used exclusively for construction or renovation projects, while traditional mortgage loans are long-term financing options for property purchases.
Lenders evaluate various factors, including your creditworthiness, income, project plans, and the appraised value of the property to determine your eligible loan amount.
Construction Loans can be used for a wide range of projects, including residential homes, commercial buildings, and even major renovations, but they must be construction-related.
The draw schedule outlines when and how loan disbursements occur throughout the construction process. Lenders typically inspect the progress before releasing funds for each phase.
Yes, alternatives include home equity lines of credit (HELOCs), personal loans, and construction-to-permanent loans, each with its own advantages and considerations. It’s essential to discuss your specific needs with our La Grande Office to determine the most suitable option.
“I was always in the loop on my loan process. I loved the one-time close construction loan. It saved me thousands to be able to lock in the interest rate.”
Josue Gabriel Lopez
Let's get you home.
Borrow up to 97% of a home’s value with as little as 5% down. Our local loan experts will help guide you.