A construction loan is a short-term, interim loan to pay for the building of a house. As work progresses, the lender pays out the money in stages.
R-13. Mortgagee Title Policy Binder on Interim Construction Loan. Applicable only as provided in Rule P-16 – A premium charge of an amount equal to the minimum policy Basic Premium Rate shall be made for issuance of each Mortgagee Title Policy Binder on Interim Construction Loan. Such Binder shall be issued for a term of one year.
Permanent Mortgage Fha Construction Loan Requirements quicken loans construction loans Construction Loan definition from the mortgage glossary at QuickenLoans.com. Learn mortgage terms and jargon with the quicken loans mortgage glossary. It’s the philosophy guiding the "family of companies, but especially at Quicken Loans" – now the nation’s No. 1 mortgage. quicken loans Inc. is a mortgage lending company headquartered.