Real Estate Glossary | What is Construction Loan??

What is Construction Loan?

A construction to permanent loan is a type of loan that finances both the construction of a new home or structure, and the mortgage on the finished property. The loan is typically set up as a single package and transitions from the construction phase to the permanent phase once the construction is complete. This can be a convenient option for borrowers because it allows them to borrow the money needed for both the construction and the mortgage at the same time, rather than having to apply for two separate loans. Construction to permanent loans may require the borrower to make interest-only payments during the construction phase, and then switch to regular mortgage payments once the construction is complete. The terms of a construction to permanent loan may vary depending on the lender and the specific project.

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