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What to know before building your custom home Provided by Coastal States Mortgage
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ou’ve decided on the perfect location to build your dream home. Now what’s next? Before you start digging into dirt, know what to expect when it comes to financing your custom home. Here are 3 questions to ask before you start your build: When should I talk to my lender? There are many benefits to speaking with a lender early. Understanding how much money you’re approved for will help define your budget when you meet with your builder to plan your home’s features and amenities. Furthermore, most lenders require that you close on your loan prior to breaking ground, with most
Brad Ellis
construction-to-permanent loans taking 30-45 days to close. So, talk to your lender early in the homebuilding process to discuss your preferred budget and timing. What should I expect during the construction-to-permanent loan process? From loan closing to construction to modifying your construction-topermanent loan, know the process. Before you get started on your build, reach out to your lender to understand each stage of the lending process, what’s required to get approved for a construction-topermanent loan, and the terms to paying off your loan. If your build takes longer than expected, you will need to know what your lender will require regarding payment.
Kim Smith
Senior Vice President, Mortgage Loan Officer M / (843) 384-6339 E / bellis@coastalstatesbank.com NMLS# 780331
coastalstatesbank.com/brad-ellis
Mortgage Loan Officer M / (843) 422-4321 E / ksmith@coastalstatesbank.com NMLS# 780344 coastalstatesbank.com/kim-smith
Matt Minasi
Stephen Dick
Joan Sherwood
Paul Furr
Joey Ryan
Lisa Cornell Henry
Vice President, Mortgage Manager M / (843) 290-3245 E / mminasi@coastalstatesbank.com NMLS# 659245 coastalstatesbank.com/matt-minasi
Mortgage Loan Officer M / (843) 384-1385 E / jsherwood@coastalstatesbank.com NMLS# 659256 coastalstatesbank.com/joan-sherwood
Mortgage Loan Officer M / (843) 422-1111 E / jryan@coastalstatesbank.com NMLS# 2149572 coastalstatesbank.com/joey-ryan Coastal States Mortgage NMLS# 154698
Mortgage Loan Officer M / (970) 566-2121 E / sdick@coastalstatesbank.com NMLS# 1865927 coastalstatesbank.com/stephen-dick
Mortgage Loan Officer M / (770) 500-6634 E / pfurr@coastalstatesbank.com NMLS# 1531314 coastalstatesbank.com/paul-furr
AVP, Construction Lending Specialist – Mortgage Loan Officer M / (843) 422-7105 E / lhenry@coastalstatesbank.com NMLS #918797 coastalstatesbank.com/lisa-henry
Is my loan really a construction-topermanent loan? Some lenders will require additional underwriting before modifying your loan. This means another round of document collection prior to modifying your loan and possibly a new rate. With a true onetime close construction-to-permanent loan, you’ll avoid going through the loan process again after your build. Be sure to ask your lender if your construction-topermanent loan will require additional underwriting and another rate lock. Don’t shy away from asking questions to understand the financing for your new custom construction. It will help for a smooth process between you, your lender, and your builder – all with the common goal of getting you into your dream home.
LOCAL. AND PROUD OF IT.® For more information, visit our website coastalstatesbank.com