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News and Information
THE DIFFERENCES IN CONSTRUCTION LOANS IN ARIZONA
A construction loan is just that—a loan for the construction of a property. Did you know there are two different types of construction loans in Arizona
Before you start shopping around for a construction loan you should know the differences.
Construction-to-permanent loans— these loans include the purchase of the land and the home. You will work with a lender to transition into a permanent loan after the construction is complete.
Construction only loans— these loans are short-term loans usually lasting between six to twelve months. Typically, they have adjustable rates that rise and fall with the prime rate. At the end of the loan you will pay it in full and then refinance into a conventional loan—conventional loans usually are between 15 and 30 years.
WHICH CONSTRUCTION LOAN IS BEST FOR YOU?
As all loans, there are pros and cons. Your job is to decide which loan you will benefit from the most.
- Construction-to-permanent loan— You will only have one application since this is an all-in-one loan. You won’t have one loan for the land and another for the construction of the property. You will also save a tremendous amount of money in closing costs with this type of loan. It is possible that your interest rate will be higher with an all-in-one loan and you could be locked into that higher rate.
- Construction-only loan— Using a construction-only loan you will be able to find any lender you choose when you transition into a permanent loan which will leave you with more options. However, during the term of the loan your interest rates are adjustable and depending on the market your interest could rise higher than you are comfortable with.
After you determine which loan is best for you, your next step is finding a lender.
It is important to shop around for a lender. There are questions you need to ask them to see if they are the right lender for your project. Most borrowers use hard money lenders for both types of Arizona construction loans. Make sure they are lenders that have experience with construction loans in Arizona. Ask them how long they have been doing construction loans. The range of loan-to-cost (LTC) that is typically required for these loans is between 5%-20%. Find out what they require. Have them explain a draw disbursement system and a draw system—and ask them which would be the best for your project. And, of course always inquire about interest rates, fees and flexibility in loan terms. Every lender is not right for every borrower. One main reason investors regularly go through a hard money lender is their flexibility and required credit score. Since these lenders are backed by hard assets, your credit is not as important to them as it is to a bank when lending you a conventional loan. Make sure, before you run out and find land and a crew, that you get pre-approved for you loan. This will usually only take about five minutes. Hard money lenders can usually disperse funding in less than 15 days.