Pros and Cons between HELOC and Bank Construction loan for New home construction
Hello everyone,
I need advice in reference to using a HELCO or Bank Construction loan to build a new home. I have a lot and I want to build a new home on it as my primary residence. I currently own a home with a lot of equity in it, possibly enough equity to build the new home. What are the pros and cons, advantages and disadvantages to using HELCO or Bank construction loan to build this project? Which one would be the best and cost me the less amount of money?
Thank you.