For many people, hosting can draw attention to the need for a bigger home or better floor plan. If you are considering shopping for a new home that gives you the space you need to entertain or receive friends, remember that choosing from what’s on the market isn’t your only option.
You can buy land and build a new home from the ground up with help from Allegacy. Our new Construction-to-Perm lending option offers a combined form of financing that covers you through every step of the homebuilding process, from purchasing land to building your home to transitioning into a permanent mortgage.
Here are 4 simple steps to help get started:
- Plan, plan, plan. Have an idea of what you want before you talk to a builder! Visit model homes of many different builders to determine who builds in the style you like.
- Check the builder’s reputation in the community. There is so much more to a house than what you can visually see. Make sure you know how much the builder is actually involved in overseeing the construction quality as well as the construction timelines.
- Ask, ask, ask. Ask the builder about the mundane details (such as placement of outlets, gas lines, and support beams, etc). Ask what happens if something goes wrong. Ask about customizations and how extras and upgrades are negotiated.
- Know the full financial picture before you sign anything. Your Allegacy representative can help you understand the full cost and tailor a financial product to meet your needs.
During the construction phase you’re responsible for only the low, interest-only monthly payments. We make sure your builder has the funds needed to get the job done. This helps you avoid setbacks in progress and keeps construction going as smoothly as possible.
Once your new home is complete, your loan modifies into the Allegacy mortgage that best fits your lifestyle and long-term financial goals. Visit the nearest Financial Center to talk with a Mortgage Specialist about Construction-to-Perm lending and other options.
All loans are subject to credit approval. Rates and terms are based on your credit history and profile and are subject to change without notice.