When it comes to financing a new home, there are many questions you need to ask a home builder.
Does the home builder have a financing plan set up? They should be able to provide you contact information of local lenders and information on different programs available for you. Each buyer’s needs are different, and you will require a personalized package plan for your loan.
Depending on your situation, you may need to secure construction financing in order to build your home.
Construction financing usually consists of more than one loan. One loan will pay for the construction itself, which often releases money to the builder in stages as processes are finished and then converts it to a mortgage once the home is completed.
Make sure to compare banks, credit unions and mortgage brokers for the best financing solution. Your builder should be able to give you recommendations and help you avoid pitfalls.
Fill it out to see what you can afford, which is a first, crucial step when building a home.
Here are some of the local lenders we have been using for more than 20 years. Please feel free to contact them, as they are all familiar with the Vision Homes team.
Learn financing options available with Clear Mountain Bank when building your Vision Home.