Build your perfect home with Mann Mortgage’s customized Construction Loans!
Construction loans make building Your Dream Home surprisingly easy and affordable.
What are construction home loans?
Not sure where to get started? That's okay too, we're happy to meet you where you're at and direct you to the right place or person.
The MannMade construction loan process.
- A Construction Loan, offered at our Tyler office, is a financial tool specifically designed to fund the construction or renovation of a property. It differs from a traditional mortgage in that it’s usually a short-term loan, with the funds disbursed as the project progresses.
There are several types of construction loans, including construction-to-permanent loans, which convert to a standard mortgage once construction is complete. We offer various options at our Tyler office to cater to your specific needs.
Construction loan interest rates may vary, but they tend to be higher than traditional mortgages due to the increased risk. The terms also vary, typically lasting from six months to a few years. Our Tyler office can help you understand the interest rates and terms associated with our loans.
Construction loans often require a higher down payment than regular mortgages, and the loan-to-value ratio is calculated based on the future appraised value of the property once it’s built. Our Tyler office will guide you through the down payment requirements.
Construction loans involve a draw process where funds are released in stages as construction milestones are achieved. This ensures that the funds are used for their intended purpose and minimizes risk for both the borrower and the lender. Our Tyler office can help you manage this process smoothly.
Applying for a home has
never been easier
Our quick and secure process takes less than 10 minutes to apply.
Learn more about
construction loans
Absolutely! Construction loans are an excellent choice for financing the construction of a new home tailored to your preferences. Our Tyler office can assist you in making this dream a reality.
To apply for a construction loan, you’ll typically need your building plans, cost estimates, and proof of income. Our Tyler office will guide you through the documentation requirements.
Interest rates for construction loans can be fixed or variable, depending on the loan terms. Our Tyler office can explain the options available and help you choose the right one.
If your project exceeds the initial budget, you may need to secure additional financing. Our Tyler office can assist you in exploring your options and adjusting your loan accordingly.
Yes, you can typically pay off your construction loan early without prepayment penalties. Our Tyler office can provide information on any specific terms related to early repayment.
“I was always in the loop on my loan process. I loved the one-time close construction loan. It saved me thousands to be able to lock in the interest rate.”
Josue Gabriel Lopez
Let's get you home.
Borrow up to 97% of a home’s value with as little as 5% down. Our local loan experts will help guide you.
