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If your thinking about building a new home or doing a remodel job, M.O.M can help!

The basic process of financing a home under construction consists of two parts.  First, there is the construction loan that actually funds the project as it is being built.  The construction loan generally closes prior to starting the project and the money is drawn as it is needed.  The nice part about the construction loan is that you only pay interest on the amount that's been drawn.  When the project is complete, M.O.M. will convert the construction loan to a permanent loan by refinancing it.
 

One thing to consider, when financing your new construction project, is when to lock in the interest rate on your permanent loan.  M.O.M. has several options to choose from but most often we encourage you to lock when construction begins, so you don't have to worry about what your final payments will be.  

Most construction projects are completed in 120 days.  Therefore the 120 day lock is most commonly used.  At Mortgages On Main, you can lock the rate with the ability to float down if the rates go down during construction.  Our system gives you the best of both worlds!

While construction financing seems complicated, its easy when you talk to a knowledgable, experienced loan officer who can handle your project from start to finish.

Call M.O.M. today for more information.  ITS FREE! 

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