Choose a Lender/Set-up Financing
Most of our clients finance their new home project via a construction loan…
Some points to consider are:
- Does your lender offer a rate lock program, which enables the borrower to lock-in an interest rate on their end loan for an extended period of time (generally 12 months)?
- What points and fees are associated with their construction loan programs?
- Does your lender charge for each draw?
If your lead-time is a bit longer, and your plan is to purchase the property and wait, rather than immediately starting following the lot closing, then perhaps a Lot Loan is the right vehicle. Not all lenders offer Lot Loans, so be sure to ascertain whether your lender offers this program.
For a list of lenders, click here
For a printable version of this guide click here