Should I REFINANCE a construction loan to a permanent loan OR convert to a permanent loan?
It seems that interest rates are much lower for refinancing existing loans, as opposed to new loans. I have a construction loan which doesn’t expire for a few months, would it be better to refinance the construction loan to a permanent mortgage or do a construction to permanent conversion loan? Which will get me a lower interest rate?
Tags: Construction, Convert, converting construction loan to permanent loan, loan, permanent, Refinance, Should
Generally the lender will lower the rate when you convert and the closing fees will be lower.
I’d start with my current lender