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.
- Construction Loans are designed to cover the costs of building or renovating a property. Whether you’re constructing your dream home, renovating an existing property, or investing in a commercial development, these loans provide the capital you need.
These loans typically come in two phases. The first phase, known as the “construction phase,” provides funds to cover construction costs. Once the construction is complete, you transition to the “permanent phase,” where the loan converts into a traditional mortgage or is paid off through other means.
During the construction phase, you’ll make interest-only payments on the funds disbursed for the project. This helps manage your financial burden during construction.
Lenders often require collateral, such as the property itself, to secure the loan. Approval for a Construction Loan depends on factors like your creditworthiness, the project’s feasibility, and your ability to repay the loan.
Construction Loans offer flexibility in terms of repayment schedules and interest rates. You can work with lenders from our Phoenix Office to tailor the terms to your specific needs, ensuring your financial plan aligns with your construction project.
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Learn more about
construction loans
Construction Loans are specifically designed for construction or renovation projects, while traditional mortgages are used to purchase existing properties. Construction Loans have a two-phase structure, with interest-only payments during construction, and they transition into traditional mortgages once the project is complete.
The loan amount is based on the project’s estimated cost and the appraised value of the property once construction is finished. Lenders from our Phoenix Office will work with you to assess the project’s feasibility and determine the appropriate loan amount.
Construction Loans can be used for a variety of projects, including building a new home, renovating an existing property, or developing commercial real estate. However, lenders will assess the project’s viability and your ability to repay the loan.
Interest rates for Construction Loans can vary based on factors like your creditworthiness and the lender’s policies. During the construction phase, you’ll typically make interest-only payments, and once the project is complete, the loan may convert to a fixed-rate mortgage.
To increase your chances of approval, ensure you have a well-defined construction plan, a strong credit history, and a reliable source of income. Working closely with lenders from our Phoenix Office will help you navigate the approval process and secure the financing you need for your construction project.
“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.
