Back-to-Back Commitment

Want to build your dreamhouse? Since you fell five numbers and the Powerball short of winning the lottery, you're probably not going to build the dreamhouse, more like just...a house. Either way, figure on getting a construction loan. The construction loan gets the house built and pays off the wild-haired contractor when the house is done, without any knees being broken by his Fixer. But construction loans are pretty short-term: six months or so. In your initial meeting with your banker, you would propose a back-to-back commitment.

A back-to-back commitment involves getting the bank to commit to rolling the construction loan into a long-term mortgage loan that would fit into our non-lottery winning budget.