New Construction Brochure

OUR IN-HOUSE NEW CONSTRUCTION TEAM IS HERE FOR YOU EVERY STEP OF THE WAY BUILD WITH BELL

WHEN IT COMES TO FINANCING A CONSTRUCTION PROJECT, BELL BANK MORTGAGE HAS EVERYTHING UNDER ONE ROOF!

FIRST 3 STEPS

TO PLAN YOUR BUILD

You’ve decided it’s time to make a move. The best place to start the process is right here at Bell Bank. Our in-house new-construction team will help you determine your budget and evaluate which financing options will fit you best.

If you haven’t already selected a builder, there are some steps to take that can help with that decision. Talk to friends or family who may have built or renovated a home. Visit model homes and research the finished product of builders in your price range.

What are your plans for the future? We help you determine your budget, and you and your builder will come up with a price to make it all come together!

ONE-TIME CLOSE (OTC)

Sometimes it makes sense to simplify, and Bell Bank’s special one-time close option for new construction means you can avoid the hassle and additional costs of having to close twice.

One big benefit of an OTC loan is the ability to lock in your interest rate up front to avoid rising rates during the construction process. Another benefit is saving time on documentation and paperwork – once you close on an OTC loan, you’re free to focus on the build process without worrying about having to submit more documents along the way.

Simplicity!

TWO-TIME CLOSE

A two-time close construction loan is an alternative option for financing a construction project. One loan provides the funds to buy (if necessary) the site and to fund the improvements. The second loan pays off the construction financing by refinancing the existing debt into whatever loan option you prefer. A two-time close transaction requires two loan approval events and costs slightly more than an OTC.

Flexibility is the biggest benefit of the two-time close financing option. This option better manages the ability to cover cost overruns, changes to the scope of your project, and allows the ability to change the original choice of the permanent financing terms.

BUY NOW,

BUILD LATER

Bell Bank can help you finance the purchase of a residential lot and guide you through the entire process, from buying the lot to making the transition to the construction phase of your new home.

• Our in-house team of new-construction lenders offers residential lot loans lot loans for vacant land or sites with structures that are intended to be renovated or torn down.

• Our lot loan is a financing option intended to allow a customer to secure a desired lot, prior to being ready with project documentation, giving them time to select a builder and finalize plans to build or renovate

• Bell lot loans are intended for future construction projects, not as a means of acquiring recreational land.

RENOVATION PROJECTS

If the thought of building a new home is overwhelming, consider renovating an existing property. This option can be used on a home you are purchasing or the home you already own. Financing from bell becomes a powerful tool that will help you alter an existing structure to fit exactly what you need. Rearrange your current layout, or add new space to accommodate your personal tastes:

• Redesign or expand a kitchen

• Add bedrooms, bathrooms, or family rooms

• Expand a home’s square footage

• Update or repair older, deteriorated areas of the home — including mechanical

• Finish the lower level, add dormers, or even another level

• Replace roofing, windows, and appliances

• Rejuvenate landscaping

• Freshen up interior and exterior finishes

• Add modern safety, connectivity, and accessibility option

WHEN IT COMES TO FINANCING A CONSTRUCTION PROJECT, BELL BANK MORTGAGE HAS EVERYTHING UNDER ONE ROOF!

• Rehab loans

• One-time close (OTC)

• Two-time close

• Lot loans

• Extended lock with float down

• Adjustable rate mortgages (ARMs)

• Fixed-rate mortgages

• Jumbo loans

• Conforming loans

• Simple draw process

• In-house appraisal desk

You’ll find it all with your in-house construction lending experts at Bell!