If you are thinking about building a custom home in Cornelius, Mooresville, or one of the other towns around the Lake Norman, NC area you will most likely need a construction loan. Some of the area’s finest custom home builders prefer to work with Movement Mortgage and their unique relationship with one of the areas strongest Community Banks. If you are new to the area or have never built a custom home before, getting a construction loan can be a little daunting.
A construction loan is basically temporary financing that your Lake Norman custom home builder will use to build your new home. Unlike buying a home from a traditional builder who uses their funds to build a home, you will need to put down a larger down payment. Down payment on a construction loan in the Cornelius and Mooresville, NC area can vary depending on a few variables.
When building a custom home in Lake Norman you will of course need to own a lot or secure a lot loan. If you already own your lot, that will be considered equity in the property and thus “down payment” on the construction loan. If you don’t own your lot already, you can get a lot loan and that will be part of the construction loan.
If you have questions about a construction loan, or any type of mortgage, in the Lake Norman area please give me a call at 704-890-7168.