Finance
A Texas construction loan is converted to a permanent mortgage upon completion of construction. This conversion is called:
AA bridge loan payoff
BA construction-to-permanent (or 'construction takeout') mortgage modification✓ Correct
CA new purchase transaction
DA HELOC conversion
Explanation
A construction loan is short-term financing for building. Once construction is complete, it is converted (taken out) to a permanent mortgage. Some lenders offer a single-close construction-to-permanent loan that automatically converts.
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