For people in the housing market looking to personalize their home, a construction loan can be a great option. Construction loans can be used to build a new home or modify an existing one. American Loans and Mortgages offers a number of options for construction loans in Salt Lake City and all over Utah.
For people in all locations, though, there are several broad benefits to taking on a construction or remodel loan.
Low or No Initial Payments
Most construction loans are interest-only during the actual construction process for your home, which can be really helpful for the financial side of things. Some types of loans don’t even require interest to begin being paid until construction is completed.
Once construction has been completed, payment of the principal loan begins. Often, this process actually involves two loans – one to pay for construction, and another to pay interest during construction.
Interest rates will usually be standardized for both loans, and knowing these rates will stay the same without hidden changes is a big help.
At American Loans and Mortgages, our rates are lower than other construction loan companies in Salt Lake City. And even better, we don’t spring any surprise charges on you. Our loans do not include extras like origination fees, points or junk fees. We also give additional benefits to anyone with a 580 or better credit score or anyone with VA benefits. Visit our website for more information on specific rates based on your situation.
We mentioned it before, and it’s worth noting again. For people who can afford them, construction loans are like putting the housing market in the palm of your hand. You can personalize every part of the process as you see fit, from the ground up. And nothing is truly permanent. You can make changes on the fly if they’re within your budget.
At American Loans and Mortgages, this flexibility is our primary goal. We offer a number of loan packages built to accommodate your situation. You can apply for a construction loan in Utah online today.