Construction home loans – Build your dream home

Building your own dream home can be an exciting adventure for you, but it can also be fraught with problems. The last thing you need is a problem with your finance delaying your settlement or holding up progress on the construction and costing you time and money. This is why it is so important to use a mortgage broker that understands construction home loans.

Some people feel that the personal relationship that they have with the lending manager or bank manager at their local branch will solve all of their problems when it comes to borrowing money. However, there are certain limits that your local bank branch staff have when it comes to offering you the best alternative. Primarily is that they can only offer you a limited range of loans, the loans that their bank sells.

At Oak Laurel we have access to a wide range of lender and this give you more construction loans to choose from. Not only that our mortgage brokers understand construction loans, so not only will they be able to find a construction loan package that meets your needs but they will be able to guide you through the process construction loan process so that you don’t make a costly mistake.

The convenience of working with an Oak Laurel mortgage broker can far outweigh working with your local bank branch staff. Furthermore, because Oak Laurel brokers have access to a wide range of lenders, more than most of the mortgage broker franchise brokers have, we have options that they can’t offer you.

Construction home loans are more complex and require more time and effort to assess and get approved than regular home loans. This is because the lender is assessing and approving something that is not yet built. There is also a lot more paperwork that needs to be assessed and approved. This can include, contract of sale, the building contract, builders specifications and council approved plans, along with all the other documents usually required to assess a home loan. Therefore it helps if your broker understands the intricacies of construction loans and the policies of the different lenders.

construction home loan process

Want to know more about the construction home loan process? Find out everything that you need to know about construction loans and the construction loan process here:

construction home loan process