Building your own home may be the culmination of your life’s dream, but it brings with it a host of questions that need to be answered. At the core of many of those questions will be money, and Amboy is here to help.
When considering how much you can afford with your home construction project, you might first want to figure out how much you are comfortably able to pay for your housing expenses. Many financial advisors put that number at around 30% of your income, but that could vary depending on your personal situation. You should also determine if you would qualify for a mortgage based on the expected value of the new home.
Amboy Bank offers a One Time Close Construction Loan that provides funds during construction and then converts to a permanent mortgage once the home is completed, all with just one set of closing costs. Learn more or start the process today.
With a construction loan, your lender typically approves you for a line of funds that you can use to pay for your building costs. A construction loan is effective only for a finite term, and sometimes can be rolled into a permanent mortgage.
The advantages of building your own home can be numerous. In fact, many people consider this their chance to build their dream home! Depending on your budget and local zoning requirements, you can specify the building’s architecture, size, layout, energy efficiency, appliances, mechanical systems, and more according to your own personal tastes.
We offer a number of mortgage types with a variety of terms. Whether you’re looking for a fixed, adjustable, biweekly, jumbo, or traditional mortgage, Amboy has you covered. Below are some of our most popular.
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