What to Expect in the Construction Loan Process
If you're considering building a home, look no further than Great Midwest Bank. We make the process simple and easy and offer the following recommendations and insight:
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Begin with a Pre-Approval. Schedule a face-to-face meeting with one of our Loan Officers.
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If you can, provide some idea of your budget.
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Review our Construction Loan Application Checklist.
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If you don't already own a lot, consider purchasing it at the same time you close on the construction loan.
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With a pre-approval, you can shop confidently with a builder. Once a contract is finalized, the appraisal is ordered based on plans and specifications. From there, you're only weeks away from a closing date.
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Your down payment is made at the time of closing, similar to the purchase of an existing home. That down payment typically is sourced as equity from a recently sold home, but there are circumstances under which you can begin the construction process before selling. Consult one of our Loan Officers for more information.
