Choosing the right financing options is as important as the actual building of your home. You will have a greater level of satisfaction and financial stability as you look at your options and decide which is best for you and your family. At Goldenwest, our mortgage staff is knowledgeable about the options for financing and ready to speak with you about what best suits your needs.

1-Why choose Goldenwest? Best rates, fees and more

We are a not-for-profit institution, and as such, our top priority is serving our members and making sure their needs are met. Goldenwest offers many advantages and options with rates, fees and how to transition from lot loan to building a new home. We survey our competitors often to ensure we have the best rates and fees in the market place. Our fee structure is simple and we disclose our fees in the beginning of the loan process so there are no surprises as the loan moves forward.

Every phase of the construction loan process is done in-house, including underwriting, closing and construction draws. We do this to add transparency to the loan process and save you on costly third-party fees you pay with other lenders.

2-Competitive options that give you control

The building process begins the moment you decide to build your home. Think about your financing goals, as well as personal and family needs. Asking questions and voicing your opinion is encouraged and essential to helping you stay informed throughout the process. Our mortgage originators are trained to listen to your needs and address them as necessary.

Before you can see your ideas go from thoughts to reality, taking the proper steps will enable the building of your dream home to be a rewarding experience. Paying attention to details and making sure you are informed in the process is incredibly important. We at Goldenwest will assist you and do our best to make sure you avoid costly mistakes that cost both time and money.

3-One time vs. two time: how to choose

In the beginning of the building process, a construction loan is chosen. There are many benefits Goldenwest offers on all construction loans. Your Goldenwest mortgage originator will help you make the best decision based on your finances and needs.

Goldenwest offers two options for construction loans. The first is a one-time close construction loan. This loan enables you to close on both the construction loan and the long-term mortgage all at once, meaning that paperwork only needs to be filled out once and there is only one set of closing costs. Closing on both loans also allows for your long-term interest rate to be set before construction begins. Upon completion of the construction, the loan converts to a long-term mortgage. This type of loan is ideal for members who know the exact amount of time and cost the construction project will take to complete.

The second option Goldenwest offers is the two-time close construction loan. This loan allows you to apply and qualify for a construction loan and a separate, long-term mortgage. Once construction is completed, the loan is then refinanced into a long-term mortgage. The refinance offers you the flexibility to choose the mortgage product, term, rate and loan amount.

Whichever option you decide is best for you, your Goldenwest mortgage originator is there to help.

4-Choosing a down payment that works best for you

When you are ready to start the construction loan process, you must decide on a down payment option that best suits your needs. Goldenwest offers construction loans with as low as a 10% down payment. At this point you may have to think about the sale of your current home. When is the best time to sell for you and your family? Can you use the equity on your current home to build your new home? Other items to think about are landscaping, fences, detached garages, pools, recreational courts, etc. which require extra money. Typically items such as these are not included in the construction loan and will have to come out of pocket. After all of these items are considered, you must decide how large of a down payment to make. The more your down payment is, the less your overall loan amount will be and subsequently, your monthly payment. Speak to your Goldenwest mortgage originator about a down payment amount that works best for you.

5-Cash in your lot loan rewards

The lot loan product was designed with members’ needs in mind. To better serve our members, we credit half the origination fee for the lot loan to a new Goldenwest construction loan. Remember, the reason you purchased your lot was to build a home, so don’t wait to take advantage of your rewards!