If you intend to finance your home, we would be happy to help coordinate things for you. If you plan to obtain a loan, you must first decide on a lender and of course, complete an application. Lenders are normally interested in two things: your ability to pay back the loan and the collateral you will be offering (your homesite and the home to be built). Since we deal with many lenders, we are familiar with typical lending practices and procedures and will help guide you through the process.

It is important that you know that you can always reduce your loan request once you have obtained it. You normally cannot ask for additional funds without going through the approval process again. It’s always a good idea to ask for the maximum amount you might need.

Lenders normally want you to complete an application and provide them with a copy of your construction contract and plans. Typically, lenders are interested in your annual income and how you will obtain your down payment. Of course, you will be able to use the equity in your homesite as collateral.

Once your lender has conditionally approved your application, an appraisal will be ordered. The lender will hire an independent appraiser to visit your homesite, review your home plans, and verify the worth of the project.

Once a stage is complete, we will request a release from the bank for a percentage of your loan. Your approval is required for this transaction and a bank inspector will visit your homesite to verify the work was completed. The bank will then release to us the percentage corresponding to the stage. Again, you will be responsible only for the interest on that portion of the loan released to Woodloch.

As you might expect, there are many details to be handled in order to make the process go smoothly. We’ll take care of such things as coordinating insurance, building permits, hookups as well as working with appraisers, inspectors, and the lending staff handling your mortgage.