Finance
A 'construction-to-permanent loan' in Connecticut is designed for borrowers who:
APurchase existing homes needing minor repairs
BFinance the construction of a new home and convert to a permanent mortgage at completion✓ Correct
CRefinance their existing mortgage after construction
DPurchase land only, with no plans to build
Explanation
A construction-to-permanent loan funds the building of a new home. During construction, the borrower pays interest only on amounts drawn. At completion, the loan automatically converts to a permanent mortgage.
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