Construction Loans-Bringing Your New Home into Focus | Guiding You Forward

Join us in the podcast lounge for a new episode of the Guiding You Forward video podcast. This time, we’re talking construction loans with Kim Moore, manager of mortgage sales at Mountain America Credit Union.

You’ll learn:

• How a construction loan works.

• If the cost of the land is included in the loan.

• When a construction loan can convert to a traditional mortgage.

• About the additional requirements for those serving as their own contractor.

The cost of construction materials has gone through the roof over the past year—but that hasn’t stopped people from building their dream homes! If this is something you’re interested in, Kim’s tips can help you get started.

In this ever-changing construction environment, it can be difficult to keep up with everything you need to know when dealing with a construction loan. Obviously, the loan covers labor and materials, but do you know how the funds get dispersed? In this video, Kim starts with the basics, so you know exactly how a construction loan works.

What if you don’t have a lot yet? Does a construction loan cover the cost of the land? Find out how to structure your loan once you’ve found the perfect spot to build—and what happens once construction has been completed and you need to convert the loan to a traditional mortgage.

If you have construction experience, you may prefer to be your own contractor. Kim explains how that works and what additional requirements may be involved.

Click the play arrow above and watch the latest podcast episode from Mountain America Credit Union. Then, contact our experts to get started on building your dream home now!