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Guide to Choosing the Best Construction Loan Lender

Determine Your Construction Loan Need
Before you apply for a construction loan, you should assess your situation in order to determine exactly what type of construction loan will work best for you. You should consider factors including your savings for a down payment, credit score, and overall loan amount when looking for lenders. It’s a good idea to receive quotes from contractors so you have an estimate of how much the total project will cost.

Lenders Come in Many Forms

Investopedia: Thanks for agreeing to speak with us, Elena. Perhaps we could start with the basics. What is a mortgage lender?

Loutskina: The question is simple and complex at the same time. We have different actors implementing different parts of the value chain in the mortgage market. Some interact with borrowers directly—such as a bank, mortgage broker, mortgage company, or an online portal like LendingTree.