Construction loans are available in New York City and can be used to finance a home renovation, buy a house or even start a business.
The Federal Home Loan Bank (FHLB) is the clearinghouse for all the information you need to find the best mortgage rate.
But what if you want to make the most out of your loan?
If you don’t have the funds to buy the home, the FHLB will give you a construction loan that gives you a percentage of the sale price.
You then need to make your payments on time.
If you are able to afford the loan, you could get a 30 percent interest rate.
But before you make a big investment in a new home, you should understand the construction loans available in your city.
Here’s a look at the different types of construction loans, how they work, and how much they will cost you.