FINANCING

The “Chateau Moderne” was inspired by the timeless and elegant style of the French chateau. Inside, the home was designed with exceptional functionality to serve a young, busy family.

If you’re planning to finance your home’s construction, your next step will be to select a lender. The lender will need your plans, building contract, and documentation regarding your property.

There are two phases of loans for your home: construction loan and mortgage. The construction loan provides the money for the construction of your home. The bank pays the contractor several installments (called “draws”) as the home reaches certain stages of completion. You pay interest on what the bank pays the contractor. When the lender is satisfied that the home is complete, they convert your construction loan into a conventional mortgage. New construction mortgages often feature lower interest rates than existing home mortgages.

Each lender will have different policies regarding terms, interest rates, and loan fees. Especially important subjects include how long the lender allows for construction, whether the lender’s draw schedule aligns with the builder’s process, and what kind of insurance the lender requires during construction.

An experienced builder will suggest lenders in the area whose policies are friendly to home construction, and whose policies they have found to work well with their construction process.

Located just off the kitchen, this screened outdoor living space features heated tile floors, a wood-burning fireplace, and skylights.