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Construction loans are typically short term with a maximum of one year and have variable rates that move up and down with the prime rate. The rates on this type of loan are higher than rates on.
A Marquette construction loan specialist can help explain our options and help you choose the best way to finance your new home construction. Call a helpful.
The construction loan period is generally limited to 12 months and upon property completion, modifies into the permanent loan terms. construction draws are coordinated with the member and builder based on a predetermined draw schedule for work performed prior to closing the loan. Loans are made directly to the member, not the builder.
interest rates on home equity loans A home equity loan is a lump sum of cash that’s essentially borrowed against the equity of a home. Compare rates for home equity loans from multiple lenders to get the best offer.