Tuesday, November 25, 2014

A Word about Financing

We always receive many questions about financing options. While we have no in-house financing options outside of our Lay-a-Way program for our DIY kits, we normally refer our clients to First National Bank of Alaska for construction financing.
The process goes something like this.
  1. Meet with a mortgage specialist who will qualify you for your long term financing. They will refer you to a construction loan specialist for your construction financing or give you a 90% letter to give to a construction loan specialist of your own if you have already selected one.
  2. Meet with the construction loan specialist. They will give you a worksheet for your new home project. This worksheet will determine the budget for your new home.
  3. After you have this worksheet and you are pre-qualified, we can help you with the work sheet and drawings. An appraisal will be ordered on the drawings to determine if the home is going to be appraised at or above the amount of the loan.
  4. When the appraisal is finished and is sufficient for the loan, the final papers will be drafted for your construction loan.
The process can take two to six months depending on the variables so it is best to get started now for the spring and summer season. For more information and referrals to local loan specialists please give us a call at 1-888-909-8091

"Not what we say about our blessings, but how we use them, is the true measure of our thanksgiving."     W.T. Purkiser

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