Are you looking to build a new home in Delaware? Then you’ve come to the right place. Highlands Mortgage is one of the top mortgage lenders Delaware for new construction home loans. They offer a variety of packages for both the construction company and the client who is wanting to build a home. Having options to choose from in how your home is built and the mortgage financing can help you to see your dream home become a reality.
Below you’ll find out some of the information concerning these new construction home loans that you should keep in mind.
Renovation or Construction
The products that Highlands Mortgage offers is for both renovation projects and new construction. If you’re wanting to update your outdated home, then the loan offerings here can assist you. Whether you plan on selling your home down the road or you’re staying forever, an updated home is always a great investment. It can increase the value of your home helping you to get a better price if you sell or to just bring in a fresh new look to your dream home.
Highlands Mortgage understands that every client and every situation is different. That is why they offer a variety of options to choose from when it comes to your specific loan needs. They can offer jumbo loans that will finance up to 90% of the loan to value. They also provide loans for USDA clients, VA loans, and more conventional products for those who can qualify. They even work with the Delaware State Housing Authority to ensure everyone has a chance at a new home.
What is a Construction Loan?
It is important that you understand exactly what a construction loan is. This is a temporary credit line to help with the building of your home or remodel. This is paid out to the construction company, not to the client, to reach certain milestones throughout the project. It is very important to understand it is temporary and at the end of the project will either be paid in full or will be converted to a more traditional mortgage loan.
There are also options to close either one time or twice in the process of the construction loan. If you choose one time closing, there are benefits such as locking in your rate and avoid paying origination fees upfront.
However, with the twice closing option, you can gain more flexibility in the modification of the loan later down the road. You can also go with a lower interest rate if it becomes available.
When you’re looking for a new construction loan, the best mortgage lenders Delaware are waiting for you at Highlands Mortgage. Contact them today to set up your consultation.
Contact the experienced professionals at Highlands Mortgage. We are a mortgage brokerage firm in Delaware, and will help you find the best mortgage rates around so you can buy the home of your dreams.