Keys to Success
1. Get Pre-Qualified You need to identify how much you can afford to spend. Apply online or make an appointment with one of our Executive Mortgage Officers to start the process.
A few factors to take into consideration with financing!
Bridge Financing Using the equity in your existing home as a down payment may be an option for aiding in the financing of your construction loan, especially if you plan on living in your existing home while building your new home.
Gifted Land If you are fortunate enough to have a family member that wants to gift you a piece of land we are able to count that as part of the appraised value.
Starting Construction Using Your Own Funds We recommend that you do not start construction using your own funds unless you can fund the entire process. If you start and later require a loan you may have difficulty getting a construction loan or other financing.
2. Select a Lot and Location You need to choose the land you are going to build on. Real estate professionals that specialize in finished lots can be very knowledgeable in helping you choose a lot and location that has the amenities you require. Important to take into consideration is finding a lot adequate for the size of home you are looking to building. You’ll also want to recognize the additional resources that could be needed to build on a lot that is sloped, in a remote location or on a hillside. If you find a lot you would like to purchase, but will not immediately build we can still help you finance through a short-term residential lot loan.
3. Choose a Builder or Contractor Seek out referrals from friends, family or individuals who have recently built a home. Visit homes that the builder has completed. Interview potential builders and contractors and be sure to request references and estimates. Keep in mind that cheaper may not always be better.
4. Communication The key to any successful relationship is communication and building a home is no exception! Work closely and share information with your Executive Mortgage Officer and builder throughout the process to ensure everything goes smoothly.