New Construction Loans In Utah Are Justin Basso’s Specialty
Building a new home in Utah can be an exciting prospect – Justin makes sure that your new construction home loan goes as smooth as possible. He knows all the builders on the Wasatch Front and he will not let you make a costly mistake that you will regret for years.
We offer a one-time fixed rate closing or traditional ARM products.
This type of loan is used to finance the construction of a home. It may or may not also include the purchase of the land upon which the home is to be built. Unlike a mortgage loan where the entire amount of the loan is disbursed to the borrower at the time the loan transaction is consummated, a construction loan involves a series of disbursements, which are linked to a construction schedule.
Some construction loans have fixed interest rates, others have variable interest rates. In addition, some construction loans automatically convert to a regular mortgage (referred to as “permanent” financing) once construction has been completed, while others require another loan transaction to take place so the borrower can pay off the construction loan and obtain permanent financing.