One of the more frustrating and confusing tasks when financing the building of your custom home or the remodel of an existing home is finding the right lender. Do you go with a broker, or a credit union, or a small hometown bank, or a large banking institution? It’s not a one size fits all situation. But we can offer you some advice to guide you in choosing a lender.
“How much will this cost me?” During a custom home build the answer isn’t always clear cut. When it comes to home construction, not only do we face the “unforeseen” — but the plan often changes during the process. Here are a few ways to stay close to your budget by factoring the realities of home construction into the plan.
When building a custom home, you usually need a construction loan while the home is built. After the home is finished, you must pay off the construction loan and refinance the loan into a conventional mortgage loan. Contrary to the belief that securing financing is simply about credit scores and income levels, it’s certainly not.