Construction Loans

What is a Construction Loan?

Construction mortgage loans are a group of products that help borrowers do work on their home.  Whether that work is a ground-up build, a major renovation, or cosmetic touch-ups, we have renovation products that meet your needs.

MasonMac has a strong history of construction lending, even having a builder division to help assist clients buy homes  that have yet to be constructed.

Thinking of home renovations?  MasonMac also offers construction mortgage loans to help home owners perform renovations on their property, and for home buyers to make that new house their home.  Whether the renovations are simple fixes and updates, or major overhauls, Mason-McDuffie's construction mortgage products meet our borrower's needs.

Construction Mortgage Loan FAQ's

Do Construction Loans Cover Appliances?

Many construction loans cover appliances.  In some cases (from ground-up construction, for example), appliances will be included in the in the price of the completed home.  We base our loan amount on a percentage of that sales price.

In other cases (especially with renovation loans), there are programs that will help home owners and buyers finance appliances that improve a home's energy efficiency.

How to Construction Loans Work?

Construction loans "work" in a lot of different ways depending on the loan type, but the idea behind most of them is a lender sets aside funds based on an "as completed" value of a property.  In order to confirm that "as completed" value, they need builder specs and plans, or in the case of a renovation, contractor quotes to show the cost of the work and to have the appraiser learn what the property will be like once the work is done.

Some loans allow for "draws" where contractors or builders are paid during the construction phase, with the final loan coming into play upon completion of the property.

How Do I Get a PreApproval For a Construction Mortgage?

The same as any loan - it starts with talking with one of our experts and letting us know what you're looking for.  If you're looking for a construction loan from the ground up, we just need to pre-approve you based on your estimated final purchase price, and we can fill you in on all the details you'll need for a seamless loan process.

We'll Help You Every Step Of The Way

mason-mcduffie-logo

 

Mason-McDuffie Mortgage

12647 Alcosta Boulevard
Suite 300
San Ramon CA. 94583

Phone: 925-242-4400
Fax: 866-743-0260
Toll-Free: 877-275-6662
info@masonmac.com

Licensing

Licensed by The Department of Financial Protection and Innovation
under the California Residential Mortgage Lending Act. NMLS# 1141
NMLS Consumer Access Site

Not  a  commitment  to  lend. Rates  and  terms  subject  to  change  without  notice. Licensed by The Department of Financial Protection and Innovation under  the  California  Residential  Mortgage Act  No. 4130968; AL  #22653; AR  #32700; Colorado regulated by the Division of Real Estate; DE #019623; FL #MLD819; Georgia Residential Mortgage Licensee #20924; ID #MBL-5861; Kansas Licensed Mortgage Company #MC.0025601; KY: #MC701698; MD: #16927; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the NJ Department of Banking and Insurance; NC: L-152867; NV: #3681; OK: #ML012358; Licensed by the Oregon Division of Financial Regulation #ML-3808; PA: #37008; TN: #112513; Licensed by the Virginia State Corporation Commission #MC-5579, WV: #ML-31523/MB31759, WY: #3964. NMLS #1141. www.nmlsconsumeraccess.org

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

ehl