Lawhorn & Associates Mortgage Company is your Mortgage Broker to secure financing for your next construction project of your home.
Construction permanent financing is a type of loan that combines two types of financing into one package. It is a loan that provides financing for both the construction phase of a project as well as the permanent phase. This type of financing is to finance the construction of a property and then convert it into a permanent loan once construction is complete.
Construction permanent financing is a process that involves multiple stages. The first stage is the construction phase, where the homeowner borrows money to build the property. During this phase, the homeowner pays interest only on the amount of money that has been borrowed. Once the construction phase is complete, the loan is converted into a permanent loan, which has a longer term and a fixed interest rate.
One of the advantages of construction permanent financing is that it provides homeowner with a single loan that covers both the construction and permanent phases of the project. This makes it easier for homeowner to manage their finances and simplifies the loan process. In addition, the interest rate on the permanent loan is typically lower than the interest rate on the construction loan, which can save homeowners money in the long run.
Contact us for more details:
Lawhorn & Associates Mortgage Co., Inc.
100 Jefferson St., South, Suite 100B
Huntsville, Al 35801
(256) 539-0555 (office)
(256) 337-3700 (Cell)