BUILD WITH BELL Our in-house new construction team is here for you every step of the way
When it comes to financing a construction project,
Bell Bank Mortgage has everything under one roof!
FIRST 3 STEPS TO PLAN YOUR BUILD 1
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.
2
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.
3
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 only close once. Another big benefit of an OTC loan is the ability to lock in your interest rate upfront to protect against rising rates during the construction process. You will also save time on documentation and paperwork – once you close an OTC loan, you can focus on the build process without needing 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. Flexibility is the biggest benefit of the two-time close financing option. This option better manages the ability to: Cover cost overruns and change the scope of your project Change the original choice of the permanent financing terms Manage rate lock decision to coincide with changing market conditions
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 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 options
You’ll find it all with your
in-house construction lending experts at Bell! Rehab loans One-time close (OTC) for Conforming loan limits 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 Bridge loan
All loans are subject to credit approval. Program guidelines are subject to change without notice. Not available in all markets. Other restrictions apply.
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