Construction To Perm Mortgage Loan
The perfect loan to help you build your future.
Building your dream home is full of excitement and many decisions. CFI makes it easy to decide on your loan type with our Construction to Perm option.
A Construction/Perm loan, also referred to as a C/P loan, allows for a borrower to purchase a lot/parcel of land or an existing house, and provides an initial Construction period during which the construction or extensive renovation of the house is completed. When the Construction phase has been completed, the loan is modified into a Permanent loan, with a 15 or 30 year amortization period. As a single loan, this product takes the place of a separate construction loan that would otherwise have to be refinanced into a separate end loan.
A Construction To Perm loan may provide you with the opportunity to design your home, customized to fit your needs, in the location of your choice. It may also provide you with an opportunity to renovate or redesign a home in a great location but in need of updating and customization.
Construction-To-Perm Home Loan Tips
Knowledge is power. Learn how a C/P loan works.