Sunday, March 16, 2014

How exactly does getting a construction loan to build a house work?

We've been pre-approved for 450K for a regular mortgage and we already have land, so we were thinking of just building on that. Are they given by normal banks like regular mortgages are? Will we get the same loan amount we would get if we were buying an existing house? What would building a typical 2,000 sqfeet house in massachusetts cost to build?

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