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Construction Loans.

A construction loan, as the name suggests, is specifically intended for individuals who are constructing a new home instead of purchasing an already built property. Unlike a conventional home loan, a construction loan encompasses the costs associated with the building process, which will be elaborated on later. As a result, construction loans typically involve interest-only payments since the property or "principal" does not yet exist. This feature not only keeps the repayments affordable but also aligns with the ongoing construction of your home.

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