When does mortgage interest start on a new-build home?
Mortgage interest usually begins to accrue as soon as the first construction installment is paid. This means you’ll start paying interest on the amount you’ve withdrawn from your construction account.
More questions about new-build home
- Can I increase my mortgage during the construction period?
- Can I refinance my mortgage during construction?
- Do I already pay mortgage costs while the house is being built?
- 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?
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