Construction to Mortgage loans
I am looking to purchase a property that currently has a home on it built in 1902. I want to buy it, tear it down and rebuild on the property. I obviously don't want to pay a mortgage while the property is being built. I've heard to Construction to mortgage plans where the construction loan is converted to a mortgage once the property is completed.
Is that the path to take? Is there a better way of going about this? Any help you can offer would be appreciated