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Originally Posted by DETRoadster
Oh, OK, yeah that's totally what it is. Most of the banks now who do construction and property loans make it pretty easy to roll from one into the other. They want to keep the business in-house afterall.
Our lender is just wrapping up a refi for us on our primary mortgage + the HELOC we used to help buy the land. They will roll that all up into a new mortgage at a low rate, then when the time is right do the construction loan and the mortgage on the new house. By keeping it all in-house they make more money and we save as they are able to extend better rates and lower closing costs as they have more of our business.
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Cool. Now all you need is for the price of materials to come back down to earth and a set of plans for your dream home. Good luck with your build, whenever it happens.