Construction Home Loans
Whether you are a first home buyer, investor or own an existing home, Dynamic Loans can provide you with a construction loans that is tailored to you. In order to apply and begin a construction loan, the following is required:
Contract of Sale of the vacant land
Fixed Price building contract for the construction of the home
Council Approved plans
Once these documents are provided, lenders will base your approval on the value of your home, post build. During the building phase, the lender will make payments to the builder on your behalf. While this process occurs, the lender only requires that you pay the interest on amount drawn and paid to the builder, based upon a progress payment schedule. Once your home is finished, the loan is then required to be paid on a standard monthly principle and interest repayment. Inquire today with one of our experienced brokers to evaluate your options.