Abberlin: Construction Loans for Custom Homes and Additions

Construction Financing
If you're building a new home or home addition, you'll probably want to consider financing the construction cost, especially since today's loan rates are particularly attractive. At Abberlin, we've partnered with a prominent local bank to offer this service and guide you through the loan application process.

You can get one loan that will cover the purchase of a lot (if applicable) and construction. Later, that loan can be converted to a mortgage. This is called construction-to-permanent financing. Here are just a few of the advantages of this type of loan:

You only have to qualify for the loan and pay closing costs once.
You can lock in your mortgage rate before construction begins.
If you're qualified, you can borrow up to $2 million.
You'll have a choice between a fixed-rate mortgage or an adjustable rate mortgage (ARM).

It's a good idea to get pre-approved for a loan while your dream home or addition is still in the planning stages. By getting pre-approval, you'll learn how much home you can afford. (Your loan will be based on the total cost of your project.) The approval process generally takes a few weeks, during which the bank's underwriting department will review your income, assets, liabilities, and credit history. Plus you'll need an appraisal.

Once you have the financing in place you can concentrate on working with Abberlin to make your vision a reality with a project that is uniquely yours.