Question : Should I REFINANCE a construction loan to a permanent loan OR convert to a permanent loan?
It seems that interest rates are much lower for refinancing existing loans, as opposed to new loans. I have a construction loan which doesn't expire for a few months, would it be better to refinance the construction loan to a permanent mortgage or do a construction to permanent conversion loan? Which will get me a lower interest rate?
- asked by Whitney
All Answers:
Answer #1
Generally the lender will lower the rate when youconvert and the closing fees will be lower.I'dstart with my current lender
- answered by wizjp
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