Construction Road Map: Your Guide to New Home Construction Mortgages

Embarking on the journey of building your dream home is an exciting adventure, and navigating the mortgage process is a crucial part of it. Our "Construction Road Map" will guide you through the four essential steps to secure financing for your new home construction.

Step 1: Get Pre-Qualified

The first step in financing your new construction build is getting pre-qualified. During this phase, I will educate you on the various financing options available and provide a clear overview of what to expect throughout the home financing process. Pre-qualification is essential as it sets the foundation for your budget and helps you understand your purchasing power.

Step 2: Start the Home Design Process

This is where the magic happens! The home design process is undoubtedly the most thrilling part of building your dream home. It's your chance to customize every detail to truly make the house your own. From selecting the floor plan to choosing fixtures and finishes, this step is all about bringing your vision to life.

Step 3: The Pre-Construction Meeting

Before construction begins, you will meet with your building team in a pre-construction meeting. This is a crucial step to ensure that every aspect of your home is exactly as you envisioned. During this meeting, your team will review the plans with you item-by-item, room-by-room, making sure every detail aligns with your expectations.

Step 4: The Loan Process Begins

Once the pre-construction meeting is complete, the loan process officially kicks off. Here’s what happens next:

• Gathering Documentation: I will assist you in collecting all necessary documents to move your file forward.

• Creating a Budget: Together, we will outline a budget and establish your draw schedule.

• Initial Loan Disclosures: I will send you the initial loan disclosures for your review.

• Ordering Title Work and Appraisal: I will order the title work for your property and an appraisal based on your final construction plans.

• Underwriter Review: Within the first 17 days, the underwriter assigned to your file will review your documentation and issue a conditional approval. The appraisal report and title work will also be received and reviewed.

From days 18 through closing, your client manager will collaborate with you and me to gather any remaining conditions. To prevent delays, it’s crucial to provide all requested documentation promptly. Once all conditions are met, your client manager will submit everything for final approval, and your loan will be cleared to close!

By following this Construction Road Map, you’ll be well-prepared to navigate the new home construction mortgage process with confidence. Let’s get started on building your dream home!