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construction mortgages

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  • construction mortgages

    hey all,

    It's time for us to construct a new home. I need to borrow a mortgage to finance the construction of the home. In search of construction mortgage, few thing that I came to know is listed above.

    1) only interest is paid during the construction period.
    2) Once the construction is over, the loan amount becomes due.
    3) And then it becomes a normal mortgage.

    The money is advanced incrementally during construction as construction progresses. Anything more about this. Help me, please. I need to start the construction by next month. So before that, I need to complete the legal procedures for the mortgage.

    Thank you in advance.
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