On Line Construction Pre-Qualification

Some Food For Thought

A sound financing stratagy is the foundation for your home building plans. And a construction loan is your blueprint to navigating all phases of the building process.  It lets you take financial control of the whole project, and because you're the borrower, it's you - not the builder - who benefits from the tax deduction.  In fact, from start to finish, a construction loan can help you ease the way to building your dream home.
 
 

No matter where you are in the design and planning process, we'll help you develop just the right financing program.  And because we realize that every homeowner is different, we have access to a wide variety of products and services to create a stratagy that suits your overall financial situation.

Depending on the financing on the financing options you select, you may be able to borrow up to 95% of the combined value of the cost of your land and the cost to build.  You can get help financing the land too, if construction begins within 30 days.  Or if you already own your land, its value can be used to determine the total equity available for your down payment (none may be needed).

Before the closing/ settlement on your construction loan, your account will be established and your draw schedule set.  During construction on your home, you just have to make interest-only payments each month on disbursed dollars.  You don't pay interest on the total amount of your construction loan until after the final payment is disbursed and the house is completed. 

In  most cases (not all), you will be required to use a general contractor to ensure that construction on your hme is completed on schedule.  Also, you may need to have your builder approved to meet the standards of the financial institution (usually not a problem).

Once construction is completed, there's no need for another closing/ settlement (with certain  loans, you may be required to sign a "Modification Agreement".  Some third party fees may apply).   There are usually not any  additional mortgage lender fees.
 

A410-643-0222    888-643-3659
email
 

Return Home to send e-mail

---

Use of these web pages signifies that you have read and understand the Disclaimer.
Copyright ©1999-2004 . All Rights Reserved.
Site by:

AmericanWebPageDesign.com