18 Oct
It is possible to rating a mortgage into household so you can pay-off the construction loan
These types of build financing have an identical structure given that an enthusiastic interest-only mortgage having a good balloon percentage from the readiness. It means the new borrower will pay notice-just repayments as construction is during progress and certainly will pay the remainder dominant in one fee at the conclusion of new construction. This is certainly a dangerous financing since it helps to make the borrower responsible getting a huge one to-big date fee. Read more