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    3. when banks give out a constraction loan , do they have to make sure the property is free of leain
    when banks give out a constraction loan , do they have to make sure the property is free of leain

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    0  Views: 296 Answers: 1 Posted: 14 years ago
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      It doesn't matter if you have a lien or not. Most people borrow money for a construction loan at the same time as they buy a piece of property, so the mortgage and the construction loan are one and the same. If someone borrows money for a construction loan after they buy a piece of property, you can still borrow the money if you have a mortgage. You would then have a mortgage and a construction loan to pay off.

      14 years ago. Rating: 1
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