All American Financial Services offers two types of construction loans. The first being construction-to-permanent and the other being stand-alone construction.
Some of the key differentiators are that with construction-to-permanent you essentially borrow money from the bank to pay for construction costs. However, when you move into the residence, the lender typically converts the loan balance into a mortgage.
However, with a stand-alone construction loan, the first mortgage pays for the construction costs, and the second loan pays off the construction loan debt.
For more information about construction loans, just call All American Financial Services!
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