| To make matters
worse, most retail banks offer Two Time Close construction loans. When
the client approaches them for financing, the banks are all too pleased
to lend “the construction loan”. But what the fine
print says, and what the banks often neglect to tell the client, is
that it is merely an interim construction loan and the client will be
required to refinance the home to pay off the interim construction loan
once the home is completed. This results in two closings and two sets
of closings costs, costing the client a large and unnecessary sum of
money. |
