Do I already pay mortgage costs while the house is being built?
Yes, during the construction period, you pay interest on the amounts withdrawn from the construction account, as well as principal payments. Once construction is complete, you begin paying the full amount of interest and continue making principal payments.
More questions about new-build home
- Can I increase my mortgage during the construction period?
- Can I refinance my mortgage during construction?
- Do I pay cancellation costs if I have signed the mortgage offer but the purchase falls through?
- How does mortgage interest deduction work for new-build homes?
- How much of my own money do I need for a new-build home?
Still have a question?
Is your answer not listed? Feel free to contact me — I am happy to help you further.
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