Helyn
We certainly only had to pay interest on ours until handover, although we could pay extra off the principal if we wanted to.
this was also with a credit union but a different one, however I believe it is the norm for construction loans with all financial institutions.
perhaps thlo can verify this?
this was also with a credit union but a different one, however I believe it is the norm for construction loans with all financial institutions.
perhaps thlo can verify this?
Sorry Helyn, these last few days I have been spending all my daylight hours wrestling with the major banks' staff to get my customers' unconditional loan approvals in time for their deadlines.
The evenings were busy just doing normal home loan approvals
Yes, as always you are correct Construction loans are interest only to reduce the burden on borrowers but lenders don't complain if you wish to pay any amount off the principal.