How to Get Construction Financing

Video Transcript

"Hello my name is Penny Smith and I'm a North Carolina Real estate broker. Today I'd like to talk to you about how to get construction financing. You found your perfect piece of property and now you want to build your dream home on it. What's the first step you need to do. You need to go talk to a mortgage broker. He needs to go through all of the details in filling out the paperwork for you to find a contractor to build that house. You need to find a contractor, a good contractor that is licensed. So that the construction loan will go through. That contractor will take draws during the time that he is building that property. It is very important that you keep up with those draws and to keep up with the construction of your home. To make sure that things are going and progressing in a manner that it should. Your mortgage broker will know what those things are and how far along that house should be for each and every draw. There's also building inspections that will help to indicate how far along that construction job is. A good contractor will help you through that, a good mortgage broker will be, help you even more. Those are my recommendations. I hope you have a good day. Thank you."