Question:

What construction loan process information do I need?

Answer:

There are certain things to know when you are building a house. Valuable construction loan process information is contained in your own ideas about the house you want to build - the construction site, the house design, construction cost and permanent financing costs are important characteristic of your design and build project.

How to get advice and information on the construction loan process?

Talk to a realtor, a certified public accountant (CPA), or an owner builder consulting company. A good professional may help you determine what you need for your project; however, do not rely solely on advise. Better use your own reasoning for something as important as a house. Online sources can also contain useful construction loan process information.

To start with the construction loan process, you'd better get prequalified. This is an informal step with which the lender determines how much you are eligible to borrow.

Further in the construction loan application process you will have to fill in an application checklist, a loan application; provide description of materials and breakdown of construction costs. Be very meticulous when filling these forms.

When working with a contractor or if you are the owner/builder, make sure the cost of materials and expected volume of work correspond to your budget.

A loan officer will gladly help you and provide information throughout the construction loan process. Make sure you work in close cooperation with one so that your house construction runs smoothly, your house comes within budget and looks beautiful according to your own designs.

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