Buying home to demolish-mortgage?
we are new to this entire process. We are planning to buy a house with a good lot, which we may use for a year or so and then build a new home. What would happen to the mortgage if we go to demolition of the old house and start building new one? We leave in VA. Second question is what is the possibility of getting a small loan (50-70K) for construction? We plan to invest personal money in the construction but may need a bit of additional money. And if we take construction loan, and take some amounts from the loan, do we pay interest on the entire loan amount or just the portion that we actually took?