Are you fascinated by the thought of building your dream home? Do you have design blueprints or ideas tailored to suit your lifestyle? Securing construction loan financing may seem daunting, but with the right guidance, it’s a feasible task. Whether you’re wearing the hat of the general contractor or you’ve hired a professional, financing for the construction process is a must.
Collaborating closely with a lender will help you gauge your affordability and establish your monthly payment. Once you’ve assessed your purchasing capacity, it’s prudent to deduct 10% from the total. This is because construction projects generally overshoot their budgets by about 10%.
Payments to subcontractors are directly managed by Ohly Law Office, with lien waiver checks issued accordingly. At the loan’s closing, we ensure that all subcontractors receive their due payment as per the sworn construction statement. If the final inspection by the appraiser identifies unfinished work, funds will be retained in our trust account until the specified work is completed.
Construction loans offer several benefits to you and your builder, including:
Interest on the loan is paid as you progress
It allows the builder to free up financial resources for other projects
Avoid extra fees or costs for the lot
Save on closing costs
Trust Ohly Law to guide you through the complexities of construction loans, helping you turn your dream home into a reality.