Construction Mortgage

What is a construction mortgage?

Construction Mortgage Definition: A construction mortgage is a loan that provides the financing needed for building a commercial or residential building. Often, these loans are made in installments throughout the construction period to fund every stage.

As the work progresses, the cash or money is advanced, and the mortgage on the property only requires payment when construction is in process. In some cases, a construction mortgage can roll over into a mortgage once the building is completed. There are two main types of construction mortgages, including construction-to-permanent mortgages and stand-alone construction mortgages.

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