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After determining the economic and interactive feasibility of building or remodeling, the financing qualification is next. Before you spend time and money with an architect you should be pre-qualified for financing. It would be very disheartening to spend several months and considerable amount of money with an architect to draw your dream home when you could not qualify for the loan. If you already own a home, contact your banker or current mortgage company for advice. Many banks will offer attractive interim construction loans.Search the business section of your local newspaper and the Internet for mortgage lenders who are offering the best interest rates and obtain recommendations from friends, neighbors and business associates. Before applying for a loan, first obtain a free credit report from freecreditreport.com.
If there are discrepancies or mistakes, correct them before applying for financing. This will make the pre-qualification process much smoother and a better experience. Many lenders offer a one-time close loan which means they provide interim construction financing and long-term permanent financing in the same loan. You are pre-qualified for both. This prevents you from having to obtain TWO LOANS and in some instances could save you closing fees. Also, you are assured long-term financing. When applying for financing, look at all the options. In addition to interest rate, points and closing costs, analyze 30-year mortgage vs. a 15-year mortgage, Monthly Payments vs.
Bi-Weekly Payments and 20% down vs. 10% down.