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Maryland Construction Loans Can Make That Dream Home A Reality

Maryland Construction Loans Can Make That Dream Home A Reality

Picture browsing through blue prints for different homes, and you come across the perfect one for you. It has the bedrooms exactly the way you want it, the building structure is exactly the way you want it as well. You can actually picture yourself already living in that home, and seeing your family in that dream house.

Then you snap back into reality, and realize you do not have the money to build that dream house of yours. This does not have to be a repeated cycle anymore, though. There is a construction loan that is available for people who are wanting to build their home, or even add an extension to their existing place of residence. With these Maryland construction loans, you are able to make that dream home a reality.

With new construction loans maryland home owners are able to afford their dream home. The great thing about these Maryland construction loans is that, it allows you to get the money as needed, to build your home. Then once the house is built, this loan can then be converted into a permanent construction loan. There are a few requirements, as well as benefits associated with these construction to permanent loans.  For example, one of the requirements to obtain these construction loans is that the person overseeing the project, or the new construction has to be a home builder. It is a must, that this person is a licensed home builder, in order to get the loan.

The benefits of these construction loans, is that you can lock in on the maryland construction loan rates. When the home is being built, or when the home is a construction loan, you are simply paying interest based payments towards the loan. Then when the loan becomes a permanent loan, or what is known as a mortgage loan, is when you start making payments towards the loan.

The best thing about these Maryland construction loans, is that you only have to worry about one payment, instead of two. The same lender that approved the construction loan, also becomes the mortgage lender, therefore you do not have to worry about searching for a mortgage lender, once the home is completed.