Looking for a new loan for your Denver Custom Home?

Working With a Construction Lender During a Residential Construction Process. Some say that choosing the lender is the most critical part in getting a construction loan. Hope you did a good homework and chose a good lender, after some ‘’shopping around,’’ checking and research. You might have used Nationwide Construction Loans website for more information, or California Construction Loans if you live in California.

There is nothing wrong with checking the reputation of your lender and then expecting top service and support. That is exactly what you should do.

One expert is never enough in any project, and that applies to homebuilding process too; always seek to work with a lender who is highly experienced and competent.

Some tips when looking for a new loan for a Custom Home in Denver

A good lender is not only the one that helps you get the best deal, but the one that supports you through various challenges.

What does it mean?

• A lender should be able to answer your questions and assist you with problems.
• A lender or a loan officer should help you develop a realistic construction timeline and budget for your project.
• Loan officers could also help you identify a reliable local contractor.
• As a construction loan is often released in several different phases, the lender should make sure you have all documents and costs in order, so that funding is being released. (You might need to know that banks send out inspectors to verify that the actual work was performed.)
• Also, you should be put in touch with someone (a representative) from Loan Service Department. If you have not been assigned anyone after your loan closes, you should ask for one. These representatives are typically persons with some experience, handling number of loans – setting inspections, processing draws of the loan or converting loans to mortgages after construction is completed. Try to establish good relationship and communication with this representative during the building process. It usually happens by phone or e-mail on a weekly basis.

Some risk with Denver Custom Home loans

As residential construction loans are one of the riskiest loans, the lender needs to keep some control on you (a contractor) but should also be a partner providing value to your project in all areas mentioned above. High quality service and support are what you have to look for and expect.

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