New Construction Terms & Definitions You Need to Know While Building a Home in Will County & Chicagoland

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Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI

New Construction Terms & Definitions You Need to Know

While Building a Home in Will County & Chicagoland    


     A short while ago, I wrote a post addressing new home construction in the Chicagoland and Will County area.  It set-off a firestorm of calls from people ... each interested in pursuing their dream of building their own home soon.   Within my post I provided a "blueprint" of sorts for the pursuit of New Construction Mortgage financing and what is vitally important should you hope to find success in securing a Construction Loan.  

     When you read my post, you see that Construction financing is a process ... one that takes place in an ongoing fashion throughout the planning, building, and ultimately ... at the completion of your home.  Given that fact, it's wise to be fully-educated and familiar with the terms you'll be hearing through the financing and building processes.  

     As we head into a New Year, it's the perfect time to kick-start your education and to get your new Construction questions answered.  For financing info, contact me.  To help with the terms you'll hear during the actual planning and construction of your home, I went in search of glossaries and dictionaries for new Construction.  And I found some very good resources to pass on to you ... 

     I'll start with my most obvious resource for financial and Mortgage terms, my own website's Glossary, found HERE.  When you have questions concerning anything you're seeing, hearing, or just don't understand, contact me.  We'll discuss your questions and concerns so you're more comfortable moving forward in the process.
          
     For new Construction terminology, I found a handy glossary provided by Home Building Manual at:  www.HomeBuildingManual.com.  From A to Z, this glossary provides 100's of words and their definitions you'll hear and need while you, your General Contractor, and sub-contractors are planning and building your home.

    Another great source of info was BuilderSpace.com's,  "Construction Dictionary and Glossary of Construction Terms".  It covered everything from general terminology used during a new construction project to Concrete, Doors and Windows, Electrical, Masonry, and more

     For those hoping to build a "green" home, I offer an https://1609956119.secure-loancenter.com/FreeConsult.aspx

article that explains just what actually defines or makes a home or product "green".  Very timely in our Will County and Chicagoland area as I write this post, as the snow is thick on the ground and the temperatures are frigid ... and we just were through a very warm summer this past year.  That valuable info/resource can be found on the Green Builder Magazine website: HERE.

     As written in my prior post, the good news is that a menu of options exists for you to choose from ... during the search for a lot and a building plan ... and new Construction financing.  To secure the most advantageous options for every step of the new construction process, it's best to be fully educated and familiar with all you'll hear and be expected to make decisions on.  I hope the resources I provide above assist you in achieving that important goal.

     
     To ask and receive the answers you need prior to building a new home in the Lincoln-Way Area, Will County, or elsewhere in Chicagoland, receive the info on new Construction financing you'll need, or referrals to real estate professionals in the area, contact me.  I'll be happy to hear from you and assist you with all your Mortgage questions and needs.  
      I can be easily found at any of the following:

Direct:  815.524.2280

Cell or Text:  708.921.6331

 eFax:  815.524.2281

 gmundt@goapmc.com

 www.genemundt.com

 Click HERE for a FREE Mortgage Consultation!

 Ready to Apply for your Mortgage?

https://1609956119.secure-loancenter.com/WebApp/FullAppLogin.aspx
 
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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

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Topic:
Home Buying
Location:
Illinois Will County
Groups:
Mortgages
Chicago Area Real Estate BUZZ!
Chicagoland and Northern Illinois Real Estate
Illinois Real Estate
WillCounty
Tags:
new construction financing mortgages
construction terminology
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Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Great post packed with lots of very helpful and useful information for anyone who is building.

Dec 16, 2013 06:48 PM #1
Rainmaker
1,228,961
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Thanks, Roger .. it helps to be able to "talk the talk" ...

Gene

Dec 16, 2013 11:08 PM #2
Rainmaker
2,255,586
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

I have been referral all of my construction loan clients to local banks. I don't have a good lender to handle this products, so I'm better off referring the business out. Most of the banks refer business to me on a regular basis, so it it is a good way to give back.

Dec 18, 2013 03:32 AM #3
Ambassador
3,982,999
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Gene, Construction financing is different that traditional secondary market financing. It is wise for an agent to know the difference and be able to guide the client to the proper source.

Dec 18, 2013 09:43 PM #4
Rainmaker
4,077,425
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Gene, most builders have their own mortgage company in-house, and they offer great incentives to buyers.   Buyers usually go that route here.

Dec 18, 2013 11:34 PM #5
Rainmaker
1,228,961
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Joe:  I'm lucky enough to have an option and program for those hoping to construct new.  But I understand the "payback" to the banks you receive referrals from.  I have a few referral partners like that ... and it works, only when both parties gain from it.  No doubt about it ...

True, Debbie ... the path to financing is a bit different.  It's always a great help when the professional agent involved is well-versed ...

Joan:  That is true in many cases for Chicagoland builders too.  At least the larger builders.  And in many cases, it's good to weigh whether the "deal" on financing they are hearing is truly a "deal".  For the independent builder or lot owners looking for financing, the info here will hopefully be beneficial too ...

Gene

 

Dec 19, 2013 12:30 AM #6
Rainmaker
876,383
Janis Borgueta
Key Properties of the Hudson Valley - Newburgh, NY
LIC RE Salesperson

We usually do an end loan for our buyers. It helps for builders to control the process and the buyers don't have to deal with construction loans. I don't see those much in our area anymore at all.

Dec 19, 2013 09:32 AM #7
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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