Usully the construction is due within 45 (varries)after final completion of all paper work(deed, ect), and the home owner, builder, builden inspection department,and bank are satified that all is well.
The company holdding the loan would than present you their own mortage application or in some cases simply sell the note to a mortage comapny which is binding to your original contract in such matters as interest rate, term of the loan, insurance ect.
Some times youir constrruction loan lender will just assume the note into payments per your request and if you are not happy you have time to find another lender( it;s best to already have the lender picked out). however at times the mortage company will come up with higher rates than agreed upon and you can obtain your mortage elsewhere.
Some times your mortage will be sold several times wiht in 10 years. Its according to how the market on money is driven up and down. Banks often make more money on buying and selling huge amounts of mortageing than they do actually holding mortages for 30 years. When mortage companies sense that interest will be moving one way or the other they began to move mortages .
school, life, experience with mortage brokers. family
· 1 decade ago