Finance
A 'construction loan' in Ohio is designed to:
AFinance the purchase of an existing home
BProvide short-term financing during home construction, with funds drawn as work is completed✓ Correct
CRefinance an existing mortgage at a lower rate
DFinance energy-efficient improvements to an existing home
Explanation
A construction loan provides short-term financing for home building, with loan proceeds disbursed in draws as construction milestones are completed. The loan is typically converted to a permanent mortgage at completion.
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