In preparing to build your new home, regardless of size or style, your land or ours, you will need to go through the least exciting part of the process first; financing approval. This step occurs early on to ensure that your dream home is within your budget, and that the loan programs can be explained in great detail to ensure you ae as educated as possible on what will occur. Greth Homes has numerous relationships with trusted banks and mortgage companies that offer construction loans, as well as specific representatives within each who are very accustomed to the Greth Homes business procedures allowing them to provide you an exceptional level of service.
What exactly is a construction loan? A construction loan, or also commonly called construction financing is a special program that provides a customer the ability to purchase land that will be treated as equity (or down money) toward their new home, and finance the home construction as you go. In financing this way, you will actually have your mortgage upfront before building begins, and the lender you choose will make draws, or small payments throughout the building process to Greth Homes. This protects your personal interests by knowing the builder is always working ahead of payment and only paid on work that has been completed and verified by the lender’s independent inspector. By obtaining the mortgage upfront in the building process it allows the customer to have peace of mind knowing all costs are accounted for and the loans are approved and in place. You as the customer, then get to sit back and enjoy seeing your home be built with not a worry in the world about your mortgage until after you receive the keys to your new home.