How exciting would it be to design and construct your dream home? We can help make that dream a reality.
- Financing Options
- Step-by-Step Guidance
- Professional Mortgage Consultants
It’s important to know what options are available before you head down the path towards home construction.
The most common option for financing a new home is to choose a construction loan. This is referred to as a two-time close. First, you’ll get a loan for the construction of the home. Then, once construction is completed, you’ll close a second loan for the permanent financing of the house. You might pick this option if your loan-to-value ratio would be based on the current value of the home versus what it costs to construct.
With Construction-to-Perm loans, there is a one-time closing cost paid at the start of construction. After this, you pay only interest for the duration of the construction phase. Once your home is completed, your construction loan converts into the mortgage you’ve selected.
If you already own your home or lot, you can also elect to use the available equity to finance your new construction or renovation.
During the many phases of home construction, your Mortgage Consultant will help walk you through each of the actions you will need to take. To help get you started, here are a few of the most basic responsibilities you will have as you assemble your team of experts:
Meet with a Mortgage Consultant
Set up a meeting to discuss your financing options and the roles you will play during the construction of your home.
Find a Builder
Using a variety of free resources, it will be your responsibility to research, locate, interview, and select a builder.
Plan, Plan, Plan
It’s no secret, new home construction is both challenging and very rewarding. That means you will need to set realistic goals, stay on top of your responsibilities, and have detailed plans for every step of the way.
As you explore a custom build option, you might find it helpful to consider the following questions as well:
- Are you prequalified for a construction loan?
- Do you know what you can afford?
- Where are you building the property?
- Are you ready to build now?
- Are you interested in building but still considering purchasing an existing home?
- Will you have funds available for change orders and upgrades?
To learn more and to take the next big step towards home construction, schedule an appointment at one of our mortgage centers with a professional Mortgage Consultant today.