Let us Guide you through a New Home Construction Loan
When it comes to financing the construction of a new home in Silverado Ranch, it can be easy to become overwhelmed. In addition to finding a loan for your home, you also have to work with a contractor, find property and juggle many other tasks. When you work with Vision Home Mortgage for your construction loan needs in Silverado Ranch, you can leave the financing hassle to us. Mortgage broker Tiffani Planck is here to help you find the right loan to build your dream home in North Las Vegas, Henderson, Summerlin, and the whole state of Nevada! The Vision Home Mortgage team can finance single close construction loans, provide flexible down payment options and offer a range of interest rates to meet your needs. Contact us today at (702)336-0668 to schedule a free consultation!
Construction Loan Requirments
To get started with a construction loan in Silverado Ranch, we will evaluate your finances, your credit history and your construction plans. This type of loan usually requires that you have a good credit score and a down payment usually of at least 20% are required. When you speak with the Vision Home Mortgage team, we can find out what is available to you.
The first stepping stone in the process is to find property and a contractor in Silverado Ranch. If you are purchasing property, the first payout from your construction loan can go to pay off the loan. If you already have a loan for your property, your first payment will go to purchase the land. If you own the property outright, you can use this as equity toward your loan.
In choosing a contractor or builder for your home construction in Silverado Ranch, North Las Vegas, Henderson, or anywhere in Nevada, it is important to choose someone who is qualified. Detailed plans and details must be supplied in order to secure your loan, so we will need to maintain great communication with the builder throughout the entire process.
Financing a Construction Loan
In the first year of construction of your new home in, you will pay only interest toward your loan. Payments are made from your loan to your contractor as work is completed. Your construction loan will include a special fund set aside for unexpected expenses that arise during construction.
Once your Silverado Ranch home is built and you have moved in, your construction loan will roll over into a permanent mortgage with regular payments. This is sometimes known as a one time close or single close construction loan because you sign your paperwork up front for both construction and your mortgage. This can eliminate doing double the paperwork – and paying twice the fees for two loans.
New Home Construction Lender
Tiffani Planck of Vision Home Mortgage values integrity in every mortgage she provides. The Vision Home Mortgage team has the experience in Summerlin, Henderson, North Las Vegas and the whole sate of Nevada that you need when it comes to building a home. Contact us today at (702) 336-0668 to schedule a consultation about your construction loan and start your journey!