Construction loans are used when a house is to be built on land already owned by the borrower.
Our construction loans are the best on the market because we save you money by having only one closing which occurs before construction begins.
Once your construction loan is closed, the builder is assured of receiving draw payments from the construction lender as the various stages of construction are completed.
During construction you pay interest only every month based on the amounts disbursed to the builder. Also, property tax escrows are collected monthly.
Your interest rate is locked during the course of construction and that same rate can continue even after the house is completed.
When construction is completed, your loan converts from interest only payments to fully amortized monthly payments.
And you don't need to worry what your permanent loan interest rate will be after your construction period ends. We have programs that lock in your rate all the way through.
Savings Mortgage Corporation was established in 1992 and proudly provides financing to homebuyers and existing homeowners in the state of Florida.
Mike Kahn, its principal mortgage broker, has been in the real estate and home financing business for over 20 years.
Although Savings Mortgage Corporation uses high tech equipment in the loan approval process, our loan officers are readily available to meet with our customers on a one-on-one basis. We believe this to be is an excellent way to establish a long and trusting relationship.
