Construction loan terms are usually one year or less. Quality service and being able to access your draws (construction funds) can help relieve a lot of the stress involved in the building process.
There are a couple options available with construction lending. You can do a one-time-close, which is a 31 year term. The first year is interest only and is later converted into the 30 year principal and interest loan at completion.
You can also do a short term construction loan, which can be up to a 12 month term. After completion you would then refinance into a variety of mortgage products.
Contact us about Logan Utah construction loans to discuss these options in greater detail. Logan Utah Construction loans can vary from bank to bank. We are dedicated to helping you get the best rate and terms on your construction loan.
