Are You Ready to Build Your Dream Home?
Purchasing or building a home can have its ups and downs. Nevertheless, the right lender can make it far less stressful by streamlining and simplifying the process. At America West Financial Home Loans, we offer a number of home construction loans to meet your financial needs. Contact our office at 801-957-0155 for a free consultation with an expert lender today!
There are multiple lending options available for Utah homebuyers choosing new construction. Here are a few of them:
Home Construction Conversion Loans
If you already have a construction loan, it can be converted into a mortgage. Not only does this prevent you from having to repeat the entire application process, but it also saves you from paying closing fees twice. Since the same lender handles the paperwork for the construction loan and the mortgage, you only have to complete your paperwork once—no duplicate work.
If you opt for a conversion construction loan for your home, once the home is finished, your construction loan converts into a mortgage. This may be perfect for you if:
- You are certain of the project completion time for your new home.
- You are sure that the plans for your home will remain the same throughout the build.
Two-Step New Home Construction Loans
With a two-part construction loan, your mortgage loan and the loan to cover your home’s construction are handled in two separate steps. The closing on your mortgage will not occur until after the home is completed. This allows you to take advantage of a more affordable interest rate.
Still, in order to move forward with a two-part loan, you are required to complete two separate applications and obtain two separate loan approvals– one for the construction loan and one for your mortgage. This means that you will need to qualify separately for your mortgage after the construction of your home is finished. Also, keep in mind that if you pursue this option, you will need to be prepared to pay all of the remaining principle when the loan term ends. The two-part loan options are best if:
- You are both the builder and the owner of your home.
- You have decided to custom-build your new house.
- You decide to extend your loan.
- You don’t have a set project completion date.
- You know that you may make changes to the architectural plans for your home.
Once you’ve chosen the loan option that best suits your needs, one of our lending specialists can assist you with the details of your selection, such as the duration of the construction period and that of your mortgage.
Get Your Utah Construction Home Loan with America West Financial
If you are ready to build, finance your home through America West Financial Home Loans. There is no need to wait. You can apply for your home construction loan online today. The sooner you submit an application, the sooner you can start enjoying your dream home.
We have more than 15 years of experience helping Utah home buyers just like you realize their dreams. Not only can the rates of our new home construction loans beat those of most of our competitors, but we also offer unique options that may not be available through a bank. Contact our office today at 801-957-0155 to schedule a meeting with one of our experienced lending specialists.