Construction only loans. These loans are short-term loans that last for a year or so. They usually have adjustable rates that rise or fall with the prime rate. At the end of the term, you must pay off the entire loan.
What Does A Construction Loan Cover Best Bank For Home Construction Loans Construction loans from Fifth Third Bank can help you start building your dream home. Visit our website to learn about your loan options today!. To apply for a home loan or refinance, call 1-866-351-5353. find the value of your home. For questions about your existing loan, call 1-800-972-3030.A construction loan is a short-term loan for real estate. You can use the loan to buy land , build on property that you already own, or renovate existing structures if your program allows. Construction loans are similar to a line of credit because you only receive the amount you need to complete each portion of a project.