CONSTRUCTION MORTGAGES

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Building your own home is all-too-often fraught with delays, unexpected costs, and ongoing negotiations with contractors. To give you the flexibility you need to handle it successfully, Wachovia’s construction loans are designed to help simplify financing during the home building process.

Construction loans operate as a hybrid between a line of credit and a loan. You close on the loan before construction begins, but you don’t pay interest until the money is disbursed, usually over a period of time. After the house is built the construction loan could convert to a standard mortgage, provided your loan terms or amount has not changed, potentially saving you the need to schedule a separate closing for your permanent financing.

Benefits of a Wachovia Home Building Loan

• Saves interest charges because you only pay interest on the money used as you build your home
• One-time closing feature is available and could save you hundreds of dollars in closing costs
• Available in both fixed and adjustable rates over a variety of terms

If you would like to view and compare all of our available mortgage programs we have a Mortgage Comparison Chart.

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