How To Construct Your Dream Home With The Help Of Construction Loans-sweets parade

The idea of building your new dream home can be both very appealing and very exciting. If you are deciding to build you new dream home, there are a lot of things you need to consider prior to .mencing your building project, for example, you may have to decide: >> Do you want to demolish the existing home you live in and re-build a new home? >> Do you want to purchase vacant land and construct a new residential dwelling on the purchased land? >> Do you have ready cash available to cover the construction costs? >> Do you have to get a Construction Loan (also known as a Building Loan or Construction Mortgage) to fund your building project? >> If you are a first home buyer, you will have to find out about the Government’s First Home Owner Grant Scheme Once you have decided on the above-mentioned factors, you will have to start your work on construction home loan or real estate finance which is secured by a mortgage on the property being financed. Lenders/credit providers have different construction time frames and drawdown schedules that they allow for construction loans. However, most are similar, and here is a quick synopsis of how a construction loan works: >> The lender/credit provider will fund the loan amount required by you to cover the cost of purchasing the land and for the building construction costs >> He/she will break down the loan amount into progress payment amounts drawdown, which are made to your builder as each stage of construction is .pleted >> He/she will require the construction of your new dwelling to be .pleted in the short-term (usually from 6 months to three years) >> He/she will take required real estate security by securing a mortgage on the property being financed >> He/she will charge Interest Only during construction (interest is only calculated against that amount that has been drawn down) If you are interested in a construction loan, then my best advice is to get a pre-approval with the help of an expert finance broker. He/she will help you to know and understand: >> How much disposable in.e you will want? >> How much will your building project cost? >> How much cash (down payment) do you have to put into your building project? >> How much can you afford to borrow? >> Where can you score the best construction finance deals and products? >> If you are eligible for the First Home Owners Grant scheme as a First Home Buyer? Once you discuss these things with the finance broker, you will be able to judge your financial situation in a better light. It will aid the broker in finding pre-approved construction loan packages for you. You can start looking for a new location to build your dream home, or you can look at demolishing the existing home you live in to re-build a new home after obtaining pre-approval. About the Author: Music Insurance That Can Help You Keep Safe By: Johnson Charlse – Author is a reputed insurance agent and has been helping lots of musicians to find the right insurance plan. 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