New Construction Home Loan
New Construction Loans In Utah
Building a new home in Utah can be an exciting prospect – unless you get caught up in a construction loan approval process that’s overly complicated and time consuming. With this loan, most Mortgage lenders can finance up to 90% of the cost of land plus the costs of construction.
We offer a one-time fixed rate closing or traditional ARM products.
This type of loan is used to finance the construction of a home. It may or may not also include the purchase of the land upon which the home is to be built. Unlike a mortgage loan where the entire amount of the loan is disbursed to the borrower at the time the loan transaction is consummated, a construction loan involves a series of disbursements, which are linked to a construction schedule.
Some construction loans have fixed interest rates, others have variable interest rates. In addition, some construction loans automatically convert to a regular mortgage (referred to as “permanent” financing) once construction has been completed, while others require another loan transaction to take place so the borrower can pay off the construction loan and obtain permanent financing.
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Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant.
SecurityNational Mortgage Co. is an Equal Opportunity Lender. 225241 NMLS#: 3116 – SecurityNational Mortgage provides home loans, mortgage rates and mortgage refinance programs.
CORPORATE NMLS# 3116