Listed in Home Construction Loans
- 1500 Richland St Columbia, SC 29201
Let Us Walk You through the Construction Loan Process Step-by-Step
At Midland Mortgage Corporation, we know construction loans and know how to guide you through the process, so you can get on with your new home build. We have the tools and the knowledge to streamline the process, providing for you with a hassle-free construction loan experience.
In the beginning, we’ll analyze your situation to ensure you will be qualified for the amount of money you need for your build. We will help you to organize information, including:
•W-2s and tax returns
•Verification of assets
When it comes to the details of the construction, you will need to have the plans in place for your new home and a builder of your choice. Once you have identified the builder, we will go through the application process to approve the builder.
When approved, the builder will take your construction plans and gather bids for the total cost of the new home build, eventually presenting a proposal to us. Following the approval of the builder’s proposal, you will sign the initial lending paperwork and your home construction can begin.
Prior to closing, the builder supplies us with a draw schedule, estimating how many times they will need to obtain money from your construction loan escrow account. Most builders draw between five and ten times throughout the building process. The builder will also provide an estimated date for the completion of your project.
After the building process, the builder will request the final draw and send the appraiser to your home to ensure the correct appraisal value is given. The builder is also responsible for bringing in an inspector to validate the work and provide a certificate of occupancy to you.