Building Checklist
Use this checklist for the steps toward building your dream home.
Getting Started--Know Your Finances
Collect the following documentation for the application/prequalification process: two recent paystubs, two years of W2’s and tax returns (business tax returns, if applicable), and recent bank statements (checking, savings, retirement, etc.)
TIP: Hold off on large purchases or applying for additional credit during construction as it may impact your credit score.
Know the Process
Step #1:
Application/Prequalification
Apply for financing at West Gate Bank and receive a free prequalification consultation regarding your lot loan, construction loan and final mortgage loan.
Step #2:
Finalize Details/Appraisal
-Your builder will provide the final plans, specs, budget and contract to West Gate Bank.
-West Gate Bank will order an appraisal based on those plans, which should be finished in a couple of weeks.
Step #3:
Loan Closing
-If you are not starting to build right away, you might close on a lot loan.
-If you are building right away, you'll close on a construction loan. If you don't own your land already, you'll use your construction loan to buy the land.
Step #4:
Construction Begins
-Consider your construction loan a line of credit and monthly interest is paid on funds used.
-Constructions draws are submitted monthly. This process is carefully monitored by West Gate Bank.
–A Loan Officer compares draw to initial bid/estimate and discusses draw with borrower
–A monthly on-site inspection is completed
–Title company searches for any new construction liens and pays subcontractors directly
-Constructions draws are submitted monthly. This process is carefully monitored by West Gate Bank.
–A Loan Officer compares draw to initial bid/estimate and discusses draw with borrower
–A monthly on-site inspection is completed
–Title company searches for any new construction liens and pays subcontractors directly
Step #5:
Permanent Mortgage Loan
Upon completion of your home, your permanent mortgage loan (15, 20 or 30-year fixed) is a refinance of the construction loan. Ask us about locking in your mortgage rate up to 9 months in advance.*
*Some restriction may apply.
Ready to get started?
Contact our Residential Construction team today!
