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Mortgages 101, 3rd Edition by David Reed

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CHAPTER 10

Construction and Home Improvement Loans

Construction loans and home improvement loans are short-term funds designed to pay for hammers, nails, and labor. After the construction or remodel is completed, you’ll get a permanent mortgage to replace your construction loan.

10.1 WHY WOULD I WANT TO BUILD A HOME? WHY CAN’T I JUST GO OUT AND BUY ONE?

Great questions, but it’s simply a matter of preference. For example, I know a guy who will shave his head before he will ever buy a brand-new car. “Why pay the dealer the 20 percent depreciation on a new car just when you drive it off the lot?” he says. Instead, he’ll buy a car that’s a couple ...

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