Can USModular Help with Financing a Custom Modular Home in West Covina?
Yes! USModular has reputable relationships and partnerships with competitive lending institutions that specialize in the in the custom prefabricated property manufacturing industry. These trusted banks offer many different types of loans, from loans specifically for construction to permanent and mortgage loans.
USModular lending institutions can offer fantastic financing for modular house projects in the local West Covina area. Financing options are available for:
- Short term construction loans
- Construction to permanent loans (mortgages)
- Vacation homes
- Stated income for self-employed
- Loan terms up to 30 years
- Competitive rates for new modular homes
USModular works with banks that realize and appreciate the efficiency and quality provided to homeowners. These lending institutions observe our efficient time schedule and will work just as proficiently to get your new modular home project completed in good time!
Are There Differences Between a Construction Loan and a Mortgage?
A construction loan is a loan in which the loan capital are used to fund construction of a home, Professional building, or other building type. The repayment term is generally based on variables that can only occur when the project is being built.
Because of these conditions, certain parts of the loans are subject to rigorous monitoring and more specific procedures to ensure the project is completed so repayment can begin. Generally speaking, construction loans are meant to be short term.
A mortgage is a long term loan established over a period of 15 – 30 years that calls for monthly payments. A mortgage is made up of loan principal and interest, property taxes, and collateral. The house itself is used as collateral in a mortgage.
Visit our site for more information on financing your modular home!
