Is a Renovation Loan Right
Sometimes your best move is to stay where
you are. Maybe you love your home. And if it
had a little more space you would want
to live there forever. If this sounds like
you, contact a BB&T mortgage professional
about the advantages of a
construction-to-permanent renovation loan.
Making significant home improvements such as adding a room, garage or swimming pool could make a difference, not only in how much you enjoy your home, but in its value as well. So if you are happy where you live, don't move... improve!
Features and Benefits
- Construction period up to 12 months
- Only one set of closing costs
- No prepayment penalty
- Construction period payments interest only
- Residence must be owner-occupied primary residence or a second home
- Property must be a one-unit, single-family detached home
- Builder must be a licensed contractor
How It Works
The construction-to-permanent renovation loan pays off your first and second mortgages and covers the cost of new construction, with one set of closing costs from construction to permanent financing. The maximum loan amount is based on the appraised value of the home including the improvement or addition. BB&T also can provide a second mortgage if that's right for you.
Contact a BB&T mortgage representative to learn more about how a BB&T construction-to-permanent renovation loan can help make your home even more perfect for you.