Even for someone who has done through the process years earlier, its going to be hard to retain the information learned and used only once in the past.
And not only is the property owner going to require a home builder loan, but they are also going to need to arrange a take out mortgage as well.
Even though both a construction loan and a long term take out mortgage can be arranged through the same lender, its not always the best option to do so for a number of different reasons which can vary from situation to situation.
This is why its a good idea to hook up with an experienced construction mortgage broker who can perform an initial assessment of your situation and your project’s objectives and then discuss different financing options and approaches that are going to best serve your needs.
One of the key benefits of working with a construction mortgage broker to secure a first time home builder loan is that he or she is going to be with you all the way through the loan procurement process, the draw administration and draw advance process, and the construction refinancing into a long term permanent loan.
If and when any issues come up along the way which is not uncommon for construction related financing, you have experience readily available to you to help get issues resolved quickly and keep the project back on track.
And if for whatever reason the project goes over budget, an up to date construction mortgage broker will be in a better position to either get your construction financing increased or arrange for a bridge loan than if you had to try and figure that out in the middle of your project.
First time home builder loans can be secured through banks, other institutional lenders, and private mortgage lenders as well. Each program and lender type have their benefits which should be properly considered before making any type of financing decision.
If you are looking for a first time home builder loan, I suggest that you give me a call so I can quickly assess your situation and provide home builder loan financing options that meet your requirements.