Congratulations on your decision to build a new home. Sometimes the lending process can seem intimidating so at Interbank Mortgage Services we make it easy.
STEP 1: CHOOSE A BUILDER
We do not require your builder to be approved.
STEP 2: OBTAIN PLANS
Your builder may be able to assist you with this process.
STEP 3: DESCRIPTION OF MATERIALS
You can work with your builder on the type of materials to be used in your home.
STEP 4: CONSTRUCTION CONTRACT
Agree on a price and terms in writing. Your builder may have a contract or you can simply use the template on the back of this flyer.
STEP 5: PROVIDE THE CONTRACT, PLANS,
AND DESCRIPTIONS OF MATERIALS TO
YOU BROKER SO THEY CAN ORDER
STEP 6: BUILDER DISBURSEMENT
Which option is best for your builder? There are two: (1) Standard percentage of completion, or (2) Line item cost break down. Your broker will be able to help you understand the differences.
Your builder does not have to use a specific form, but we have one available.
Now you can relax and let your broker handle all the details of this transaction. We look forward to working with you.