When should I start the loan application process?
When you should start the loan application process will depend on your scenario and a few factors. If you are purchasing a property (or...
Can I start construction before I close?
Yes you can, but it can complicate things if not done correctly. At times clients will want to start their project before the loan has...
Do you need to know who my builder is?
Yes. Be sure to communicate as soon a possible the name and contact information of your builder. It is best to connect the builder and...
What are the challenges with buying a property and closing on a construction loan at the same time?
In a word, time. Timing is the most stressful part of buying a home and closing on a construction loan at the same time? Because a...
General Do’s and Don’ts when applying for a construction loan
Do: -Stay in your home -Pay your bills, especially your mortgage, on time -Use your Credit Cards as normal, keep balances low -Stay...
What does a typical timeline look like on a construction loan?
Everyone’s timeline will be different. Putting the appraisal aside, it generally will take a week or two to get the loan approved. The...
What is the appraisal process?
First, a little background on the relationship banks have with the appraiser. In today's mortgage world, appraisers are independent. ...
What if I change my budget after the appraisal is done but before closing?
First and foremost you want to inform your lender that you have made a change. The budget is the lenders blueprint and payout...
What if my appraisal comes in low?
If the value comes in lower than expected, there are a few remedies to either increase the appraised value or reduce the cash to close...
What needs to be included in a construction contract?
The purpose of this topic is not to give legal advice of what should be in or how a construction contraction should be structured, but...
