Raleigh Residential Real Estate – Thinking of Building a new home in the Raleigh, NC area? You should consider Construction to Permanent Financing.

Raleigh Residential Real Estate – Thinking of Building a new home in the Raleigh, NC area? You should consider Construction to Permanent Financing.

What is Construction to Permanent Financing?
Construction to perm is a type of financing that allows the borrower the ability to potentially save thousands of dollars when you build or remodel your home. These homes are structured to work with your selected builder to provide cash throughout the construction process. Once the construction phase is complete, the construction loan is modified into permanent financing.

The benefits of using this type of loan are that it can save you time and money. In one transaction, the lot is financed, construction of the new home or remodeling project is paid for and then it moves to a permanent mortgage.

If you own the lot, you can use the equity in it as all or a part of your down payment. The interest rate that you as the home owner will receive is usually lower than a builder would receive.

Savings occur by avoiding multiple sets of closing costs and you receive substantial savings on interest carrying costs. Also, depending upon your financial position, you can deduct the interest payments on your taxes.

If you are thinking of building a new home in the Triangle area of NC, you 4might want to consider one of the lots the Poling Team has listed in the Wake Forest, NC Area.

Take a look at  http://www.2004monthaven.com/ or our Featured Property page on www.PolingTeam.com .