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Construction Loan - DAVCON - 07-06-2007
Does anyone know what the going interest rate is on a construction loan? I was quoted 7.625% during the construction phase, after completion and it converts to a 30 year fixed they say that is when the rate will drop. Does this sound typical.
RE: Construction Loan - John S. Rabi - 07-06-2007
The interest rate will depend on many things but once the construction is done and converted to a residential loan your interest rate should be lower.
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John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
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