Construction Loan Tips
Tip 1: |
Ensure your Mortgage House lender has answered all your questions regarding the
process for your new Construction Loan and mortgage repayments. |
Tip 2: |
Get a number of quotes from builders and compare them. If there is a large
variation between quotes, ask them to requote with a better price and include
more details. |
Tip 3: |
Ask your builder for a list of references and if possible, drive past and see
their work. Ask their past customers how they found the experience and the
quality of their work. |
Tip 4: |
Ensure the builder is aware of and able to comply with the 6 month limit to
complete construction. |
Tip 5: |
Arrange your insurance covering the full replacement value and ensure the
correct First Mortgagee is listed (your home loan lender will be able to
provide this information). |
Tip 6: |
Check your builder has all the necessary qualifications and insurance policies
(such as indemnity insurance, public liability insurance and warranty insurance
etc) to carry out the construction work. |
Tip 7: |
Provide your builder with the list of details required, by Mortgage House, to
appear on their invoice to avoid any delays in payment. |
Verify your builder
- Check they have a valid license and there a no claims against this builder.
- Your state licensing office will be able to assist you with this, please find
relevant links below:
Find a Builder:
Check the builder's reputation:
Construction Loans:
Click on one of the Construction loans below for further details
Where to go from here
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