Should you or your builder have any specific needs, please inform your Title Company or Settlement Attorney. Funds are disbursed by check to either you and your builder jointly, you, or your builder. As a consumer protection, I prefer to have the check in both names but we can accommodate your preference. We will send an inspector out upon you or your builder's request. Upon verification of work completed, we will disburse funds.
Payments are interest only based on the outstanding balance and are due on the first of each month.
A bill is mailed to you 15 days before the payment is due. Depending on your preference, you may lock in your permanent interest rate at any time. However, keep in mind that there may be an extended lock fee for locks over 90 days. If you are concerned over rising interest rates, you may wish to consider the Old Kent Smart Lock which will allow a Float Down feature is rates improve significantly during construction. Modification is the process of converting your construction loan into the permanent loan of your choice after construction is complete.