Remodeling or Rehabbing a new home is rewarding and exciting. Understanding the home Remodel/Rehab loan process is an important first step in your home remodel journey
The Construction-to-Permanent Loan process is similar to the process of a standard home purchase or a refinance transaction. But, unlike a purchase transaction for an existing home, a Construction-to-Permanent Loan involves determining the value of a home that is not yet constructed.
To assist the appraiser in determining the value of your new home, I request information on the planned improvements and construction costs. I also review the performance history of your builder to ensure a track record of success in on time and on budget home completions.
To help you better understand how the Construction-to-Permanent Loan process works, I've provided this simple breakdown of the Remodel/Rehab Loan Process to help make your home remodel journey as easy as possible.
These are the items you should be aware of during the remodel/rehab loan process:
- Loan Budget Estimate
- Loan Application
- Additional Documents
- Appraisal
- Loan Processing
- Loan Closing
- Disbursements
- Permanent Mortgage
Nick Porter
Community First Financial, LLC
7575 E Redfield Rd, Suite 235
Scottsdale, AZ 85260
480-305-8900 Ext: 308
541-231-3040 Cell
480-718-8802 Fax
www.communityfirstfinancial.com
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