Build or Buy? A Look at Mortgages and Construction Loans

Are you trying to decide whether to build or buy a home? Are you feeling stuck? If so, consider checking out the different financing options available for each endeavor. Briefly, buying a home means taking out a mortgage, whereas building one from scratch entails securing a construction loan. The team at Carthage Savings & Loan knows how tough of a decision this can be for some house hunters, so we’ve outlined your options to help you choose the best avenue.

Financing Your Build with Construction Loans

Designing and building your own home comes with great perks. For one, construction gives you maximum control over the layout of your home. As an example, if you want double vanities in all of your bathrooms plus a spacious walk-in closet, you can simply add these elements to your design and watch them appear before your eyes. Home builds also come with peace of mind – with all new HVAC, insulation, and more, you can be confident in the functionality of a newly-built house.

When it comes to financing your home construction, Carthage Savings & Loan’s construction loans come loaded with convenient features that let you worry less about them and more about your build. These loans are available for primary or even second home constructions, offering helpful flexibility. They also feature competitive rates, so you can be sure that you’re getting the best deal possible as your dream home becomes realized. Offering interest-only payments during the construction phase and ultimately a permanent home mortgage once your home is finished, the construction loans offered at Carthage Savings are both an efficient and convenient option for prospective homeowners.

Funding Your Purchase with Home Mortgages

When all is said and done, buying a move-in ready home can be a sweet reprieve after the arduous house hunting process. Rather than waiting for your home to be constructed, purchasing a pre-built one offers convenience instead of customization. Plus, if you are relocating for a new job, to attend school, or another similar scenario, you might not have time to await the completion of a home build. In these cases, purchasing a brick-and-mortar home will likely be the best option for you.

Along with our home construction loans, Carthage Savings & Loan also offers home mortgage loans with competitively-low rates. These mortgages can also fund a primary, secondary, vacation, or investment property. There are several options for you to choose from, including the following:

• Fixed-rate mortgages retain a fixed interest rate throughout their duration and are perfect for buyers who want consistently low monthly payments.
• Adjustable-rate mortgages have fixed interest rates for a set period that vary annually after a certain amount of time, ideal for buyers looking for a flexible option.
• Low/no down payment mortgages require little or no down payments for those who qualify.

With so many choices available at Carthage Savings & Loan, we’ll help you secure your best home financing fit. To streamline this process, you can get prequalified for one of our home mortgages by filling out our online application.

Home Financing with Carthage Savings & Loan

As a mutual association with over 100 years in the business, Carthage Savings & Loan is Northern New York’s trusted choice for home financing needs. Whether you choose to build or buy your new home, our team of experts will help you determine the best financing option for you and your family. To learn more about our construction and home mortgage loans, visit your nearby Carthage Savings & Loan branch or contact us today.