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Common Types of Kansas Construction Loans

Common Types of Kansas Construction Loans

Each new year brings exciting potential for new home building. As Spring approaches, new ground breaks on countless new home projects and neighborhood developments that will lead the way as the new standard is modern amenities.

If you find that your wheels are spinning to get started on that dream home you have been planning so long for, you may want to hit the brakes and consider the different funding options you have at your disposal. For the most part, there are three main types of Kansas construction loans available to help finance a building project. Below is a little information regarding each type of loan and the benefit it may provide for your specific needs.

Note Modification Loan

A note modification construction loan is a generic loan with a few unique features that set it apart from other options. The most notable element that sets it apart is that it generally entails two different rates. The initial rate is a flat rate that exists over the course of the construction project. When the project has completed, the loan enters the \"end loan rate\"" in which the rate is raised to a fixed status determined at signing