A construction loan is a type of short-term and higher interest loans that are used for covering the cost of rehabilitation for a home. Traditional home loans are based on the fair market value of a home and it is determined according to the home’s condition by comparing the recent sales. On the other hand, Construction Loans are provided based on the projected value of the home and will be determined once the construction is complete.
Types of construction loans available There are three types of construction loans, which are provided by the Mortgage Brokers Perth, and it will give you the chance to choose the one that matches your needs. The three construction loans are:
Final words to share on construction loans Join hands with the best mortgage brokers who will provide you with a construction loan that will satisfy your requirements in the process.
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