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Reply to "Come along as we build our custom home- lessons learned in real time."
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[quote=Anonymous][quote=Anonymous]OP - Do you mind sharing more about financing the new build? Such as how the interest rate compares to a purchase (30 year fixed)?[/quote] I’m not OP but you get a construction to perm loan. The rate you lock in at the beginning is the rate you lock in when the build is done and the loan rolls over to a regular mortgage. In the meantime, the builder draws from the bank, usually after every milestone, ie foundation, framing etc. You pay interest on the money you draw but you only do that for the length of the construction.[/quote]
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