CONSTRUCTION
COMPLETION
Goldenwest Will Be with You Every Step of the Way
Your Mortgage Expert will be in contact with you throughout the construction process and available to answer any questions. Our construction department is also available should you have any questions regarding draws. Goldenwest will conduct a monthly inspection to ensure the project is on time and within your set budget. The inspector will prepare a summary report for our construction department that includes updated photos and an estimated percentage of completion.
Your Long-Term Financing
As the construction of your home progresses, thinking about your long-term loan will be an important step in the process. A good time to contact your Mortgage Expert would be once the cabinets and countertops have been installed. At that point, your home should be roughly 30-45 days from completion, however, please confirm the estimated completion date with your builder.
If you closed under our two-time close construction loan, your Mortgage Expert can start watching the market and rates for your long-term loan and get the rate locked in. You will then start the process of a refinance loan that will pay off your existing construction loan.
If you closed on our one-time close construction loan, your interest rate and terms were set before construction began. Upon construction completion, your Mortgage Expert will provide you with loan modification documents which starts the long-term repayment.
What to Expect After You Submit the Final Draw
Once your home is complete, you will submit your final draw(s). Once all draws are disbursed, our construction department will issue the final payoff for your construction loan. The city or county will issue a certificate of occupancy. The appraiser will then complete the final inspection to certify the home is complete and built to the specifications on the plans. Depending on the type of construction loan you closed on, you will either have a long-term loan closing, of which the proceeds will pay off your construction loan, or the construction loan will be modified to a long-term loan. Either option will detail your new payment amount and when the payments will commence.
Call or Click Now - Experienced Mortgage Experts Standing By
Send us a text
By sending a text message, you consent to receive a text message response from Goldenwest. Your provider's message and data rates may apply.
