🏡 Real Estate Vocabulary: Construction Loan 🏗️

A Construction Loan is a short-term loan designed to finance the building of a new home. Unlike a traditional mortgage, this loan covers construction costs and is typically converted into a permanent mortgage once the home is complete. 🏠💰

🔨 Why choose a Construction Loan?
✔ Covers land, materials, and labor costs
✔ Funds are disbursed in stages as construction progresses
✔ Converts into a standard mortgage after completion

Thinking about building your dream home? Let's talk financing options! 📩

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