|
We are pleased to offer loans to help you construct that dream home.
Click here to print a copy of a mortgage application. Please fill out the application as best as you can and then drop it off or fax it to 920-674-5534 or mail it to us at P.O. Box 312, Jefferson WI 53549. We will be happy to help you complete the application if you have any questions.
Click this link to calculate the principal and interest payment on the mortgage to build your home:
http://cucalc.cuna.org/index.html?sub_id=1
Remember to add your monthly estimate of property taxes, homeowners insurance and private mortgage insurance if your down payment is less than 20%.
Constructing a new home can be a complicated process, so it is impossible to share all of the details with you here. Please call to make an appointment so that we can answer all of your questions. Here is some general information.
We typically do two loans: one to build your home, and then one for the long-term financing. Your application for the permanent financing covers both loans. Once that is approved, you are usually ready to begin construction.
During construction you will be billed monthly for the interest that has accrued on the amount that you have "drawn". A typical construction period is about six months. Usually, five draws completes the home. We use a local title company as the escrow agent for disbursement of the construction loan. Your downpayment goes into a construction savings account and is distributed first.
We prefer that you use a General Contractor for your home. In some instances, we have done construction loans without a General Contractor, but it has been when the owner has the expertise to do their own subcontracting.
It is very important to have a construction contract with your contractor. This is a major project that requires everything to be done professionally. We recommend that you have an attorney review all of your contracts, estimates and other related materials PRIOR to signing any document or contract.
It is also advisable to get several references and check them thoroughly. You are spending a lot of money, so you want to be sure you are spending it wisely. Most projects go smoothly, but it has been our experience that some problems and miscommunications can occur. You want to be sure you have the legal rights and leverage if things go awry.
It is vital that your estimates be as accurate as possible. You want to be absolutely certain that you will have enough money to complete your home. Significant overruns can be disastrous for everyone.
It is very important to secure your financing BEFORE you break ground. Because of the potential for Mechanic's Liens, many lenders, including us, will shy away from a construction project that has already been started.
Again, this can be a complex topic. Please call us for more information and further details. For LOAN APPLICATION INFORMATION, please click on our Home Loan Section. If you would like to be PRE-QUALIFIED or just know how much home you can afford, please give us a call.
Members Helping Members Since 1963
@2007 County-City Credit Union ~ 106 E. John St. ~ Jefferson, WI 53549
|
