The construction phase begins after you close on your construction loan. It’s at this point your construction loan is in place, and you can start drawing on it to complete your project. You will generally have 12-18 months to complete the project. The most important thing to remember during the construction phase is that the
Whether you’re building a new home from plans or making renovations on an existing structure, the construction loan process can be complex. At Ed Currie, our goal is to make it as easy as possible, so we’ve created this guide of the most frequently asked questions. You can also feel free to call us at
Whether you’re looking to build your dream home or make significant repairs to a home with great bones, securing a home construction loan is key. But because these loans typically come with a requirement of 20 to 30 percent down, it’s not always an option. However, when you work with certified mortgage planner and construction
Did you know winter is actually one of the best times of the year to plan an upgrade for your home with a room addition? Unlike muddy, humid spring and summer months, the dry air and frozen ground are ideal conditions for laying foundations and pouring concrete. And because many builders aren’t booked up during
Privacy is a premium in most households, particularly if you are sharing living space with a big family or an extended family member. One popular way to create a residence within a residence is to add on a mother-in-law suite. A mother-in-law suite is a separate living space within or near your home that is
Mortgage calculators are great tools for helping you stay within your budget when finding a new home, helping you determine the loan principal, compound interest and a regular payment schedule to pay back the loan. While they might be perfect for home buyers, couples looking for a construction loan to upgrade their existing home might
If you’re looking to increase the value of your home through improvements and upgrades, financing your project can be expensive and the best way to cover your costs is often through a construction loan. Construction loans vary depending on the nature of your project but making sure you get the right loan plays an important
The construction program is generally paid out based on work completed. However, deposits can be obtained for custom items where its’ typical for the provider to require a deposit. Items such as cabinets, windows, and counter tops can generally get a deposit with the final balance provided when they are on site and installed. For
Being prepared to apply for a mortgage can be very helpful in making the process smoother. Mortgage companies are required to “fully document” a file. Below are a few items that can ensure your loan application is not derailed, and will also limit the amount of documentation needed. Income Don’t Change Jobs: Changing jobs just
If this is your first time doing a major rehab project or building a home, there will be some challenges and frustration along the way. Fortunately, when it’s all done and your vision realized, it will be well worth the time and effort. Some of the keys for a successful project are: Be Patient I’m
When you should start the loan application process will depend on your scenario and a few factors. If you are purchasing a property (or lot) at the same time you closing on the construction loan, you should apply as soon as you have an agreement with the seller to buy the property. If you already
Being out of balance means you don’t have enough funds remaining in the loan based on the costs needed to complete the project. This generally occurs when the costs of the project have increased from the original budget. For lenders it is important that there are sufficient funds available in the loan to complete the
