When it comes to financing your dream home, construction mortgages offer a convenient and efficient solution. At our company, we have established ourselves as the “Builder Preferred” choice by fostering long-term relationships with builders and developers. Our commitment to delivering superior customer service, coupled with the expertise of our in-house general contractors and loan administration team, ensures a seamless and hassle-free experience for our clients.
Understanding Construction Mortgages
Construction mortgages are specifically designed to finance the construction of a new home or major renovations. Unlike traditional mortgages, which are disbursed in a lump sum, construction mortgages provide funds in stages, known as “draws,” as the construction progresses. This ensures that you only pay interest on the amount drawn, saving you money during the construction phase.
Benefits of Choosing Our Construction Mortgages
- Builder Preferred: Our strong relationships with builders and developers give us an edge in securing competitive rates and terms for our clients. We understand the unique needs of the construction industry and tailor our mortgage solutions accordingly.
- Superior Customer Service: Our dedicated team is committed to providing exceptional customer service throughout the entire construction process. We guide you through each step, ensuring transparency and clear communication.
- In-House Expertise: With our team of experienced general contractors on staff, we offer valuable insights and guidance during the construction phase. Their expertise helps streamline the process, minimizing delays and ensuring quality workmanship.
Eligibility and Application Process
To qualify for a construction mortgage, you typically need a solid credit history, a detailed construction plan, and a qualified builder or contractor. The application process involves submitting the necessary documents, such as construction plans, cost estimates, and financial statements. Our team will guide you through the process, ensuring a smooth and timely approval.
Draw Schedule and Disbursement
Once approved, funds are disbursed in stages based on a predetermined draw schedule. Draws are typically made at key milestones, such as completion of the foundation, framing, and final inspection. Our team conducts regular inspections to verify the progress and quality of the construction before releasing funds.
