Do you offer construction or commercial loans?
Currently, Better Mortgage does not offer loans specifically for construction or commercial real estate projects.
Our primary focus is on residential mortgages for purchasing or refinancing single-family homes, condominiums, and multi-unit properties (up to 4 units) intended for personal or investment use.
Why doesn't Better Mortgage offer construction or commercial loans?
Construction and commercial loans often involve unique requirements and complexities that differ from standard residential mortgages. For instance:
Construction Loans
These loans are typically used for new builds or major renovations and require a more complex loan structure with phased funding throughout the construction process. Due to this, they often involve additional underwriting, inspections, and detailed cost estimates.
Commercial Loans
Commercial real estate loans finance properties such as office buildings, retail spaces, or multi-family units with more than four units. These loans also typically involve different underwriting criteria, loan terms, and down payment requirements.
Other Loan Types We Offer
While construction and commercial loans are not currently offered, Better Mortgage provides a range of loan options for residential properties, including:
- Conventional Loans
- Jumbo Loans
- FHA Loans
- VA Loans