Do I make payments on a construction loan? Why is there a PAC form?

Blog-Date-1Jun 13, 2019

During the construction process we do not take a regular mortgage payment.  Interest accrues and is taken from each progress advance.  In cases where there may be more than 45 days between draws, we may request to take an interest only PAC payment to keep the interest from getting too high for the client and therefore the PAC form assists with the collection of these payments.

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