What type of insurance is needed?
You will be required to provide the lender with homeowner’s insurance that covers the construction of your home. That may be in the form...
What type of plans are needed?
The types of plans needed will depend on the project you are doing. In some cases, plans will not be needed. Plans not needed: For a lot...
What's needed to order the appraisal?
There could be two or three items needed before an appraisal can be ordered. What’s needed will depend on the project. Generally...
Will I have to provide you will updated income and asset documentation?
Maybe. It will ultimately depend on how long it takes for you to close on your loan. Income and asset items like pay stubs and bank...
Will you re-pull credit after application?
Yes, sort of. The mortgage world does a “soft pull” on all loans prior to closing. A soft pull checks to see if any new credit has...
What happens at closing?
For the most part a construction loan closing is very similar to a non-construction loan closing. If you are closing the loan at the...
Can I move my assets or funds around during the loan process?
It’s best not to. One of the items underwriters are hyper-sensitive to are “large deposits”. A large deposit is generally defined as a...
Can I or my builder choose the title company?
Maybe. If you already own the property you will be doing construction on, you and your builder have the option to select the title...
Do I need a permit to close?
No. A permit is not required to close the loan. A permit will be required at the first draw after closing. With that said, you...
How detailed does the budget need to be?
A detailed line by line budget is needed for both the appraiser and for the purpose of paying out on the construction loan during...
