re: Mortgage-Building a new home

Are you doing a construction loan and the builder will take draws after certain stages or is the builder financing the build and will get all of his money at closing?

Since you have a land loan already I assume you are doing a construction loan. If this is the case the bank that handles the construction loan will more than likely want to pay off your land loan first that way they have the first mortgage on the property.

If this is the case go to the bank with your amount you owe on the land loan, your builders quote and quotes for the pool and the fence and tell them you want this amount of money.

Of course they will appraise your plans and then make you jump through 1000 hoops before they give you the money.

Just built a new house a year ago. I sub contracted everything myself. Bank was the worst part of the entire process.