What an exciting moment! You've found the perfect piece of property where you'd like to build your dream home. You'll get to truly customize your space. Everything from new colors and designs to room sizes and layout. However, choosing the RIGHT financing for your new home construction is just as important. At Power Mortgage, we offer construction loan options for you to really get your building off the ground!
Make sure you ask all the RIGHT questions when building your home
Obtaining financing for a construction loan is much like that of a conventional mortgage. You still have to meet the requirements for income and credit to qualify for the loan amount; however, there are also a few things you need to consider that will differentiate a construction financing and loan disbursements from other mortgages.
Building a home does involve a few extra steps but doesn't have to be difficult, especially when you choose an experienced lending team. Working with a team of lenders who are familiar with these types of products will ensure that you have someone to explain the "ins and outs" of the lending process, while you focus on building your dream home.
When it's time to choose a lender for building your home, be sure to consider the following factors:
How will your builder contract affect how much you can borrow?
Should you obtain additional estimates for purchases not included in your builder's quote?
Are there rebates or grants available to offset some of the costs?
Do you have a contingency budget, in case of overages, or should that be included in the loan?
What paperwork is needed for a construction loan?
Power Mortgage will walk you through every step and help you to answer every question to guarantee a seamless, stress free home building experience.