Construction Loan is an interim loan that is used to pay for the building of a home as it is constructed. Your lender will make payments to your builder as work on your home progresses. This is generally a short-term loan, but sometimes when the home is completed, the lender will convert the loan to a traditional mortgage. If the lender is not willing to convert the loan, you will either need to pay the loan in full or refinance the loan with another lender.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). construction loan. Retrieved September 20, 2026, from http://smartdefine.org/construction_loan/definitions/1150577 |
| Chicago | Barry Goldsmith. 2010. "construction loan" http://smartdefine.org/construction_loan/definitions/1150577 (accessed September 20, 2026). |
| Harvard | Barry Goldsmith 2010, construction loan, Smart Define, viewed 20 September, 2026, <http://smartdefine.org/construction_loan/definitions/1150577>. |
| MLA | Barry Goldsmith. "construction loan" 21 October 2010. Web. 20 September 2026. <http://smartdefine.org/construction_loan/definitions/1150577> |