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Types of Construction Loans

There are several types of construction loans available, each suited to different needs:

- **Construction-to-Permanent Loans**: These loans automatically convert to a permanent mortgage once construction is complete, offering convenience and stability.

- **Stand-Alone Construction Loans**: These are short-term loans that cover only the construction phase. Once the home is built, you'll need to secure a separate mortgage.

- **Renovation Loans**: Ideal for those looking to make significant improvements to an existing property, these loans cover the cost of renovations and are typically integrated into your existing mortgage.