My wife and I built a house and took out a construction loan to pay for part of it. We moved in at the end of December and the bank held back $5000 for landscaping since we were unable to do it so late in the year. In the meantime, the construction loan is converting to a mortgage however the balance is showing as the full amount, including the $5000 hold back. When I contacted the bank to ask about this, they said it's their policy to hold this money in a separate account but convert the entire loan to a mortgage. This means I'm being charged interest on money they haven't given me, which doesn't seem right to me. Anyone have experience with these types of loans? Can a bank charge me interest on money they are holding for me?
Submitted February 13, 2017 at 09:07AM by ThePonyExpress83 http://ift.tt/2kZSXrj
