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determine how much of a house you can afford. Take the equity in your current home (if you own one), the other sources of cash you have set aside and budgeted for the building project and add it to the loan amount for which you have been qualified. This is the total amount of money you have to spend on the building of your new house.
This is the traditional method of construction financing that many lenders still offer today. A double-close CTP loan provides two separate loans: an interim interest-only. construction phase loan to build the home and then a new permanent, fully amortized mortgage when the home is completed. There are two applications - two sets of fees - two closings - two loans. There are few advantages to this loan type simply because it is more expensive than a single-close CTP loan.
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