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How are our long-range forecasts panning out? See the Mid-year review of our 2025 Mortgage and Housing Market Outlook.

How are our long-range forecasts panning out? See the Mid-year review of our 2025 Mortgage and Housing Market Outlook.

How do I compare construction loan offers?

Q: I'd like to compare lender rates/value for construction of a new home. Can you advise of the best process?

A: We usually suggest starting with mortgage lenders who are local in the marketplace where your home is to be built. It can be helpful if they are familiar with the various contractors, inspectors and customs in the market, which can help to make your transaction go more smoothly. You will need to decide whether you want the construction loan and permanent mortgage from the same lender, which can be convenient with just a single closing. However, you may or may not get you the absolute best deal on the permanent mortgage, so you'll want to talk to at least a few lenders in the market to get a sense of where they stand, too.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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