I found this on the web when working on a bank related project. Its a very simple, straight forward building and renovation guide on how to renovate your existing home or build a your new home when working with a bank. Its very clear and presents the entire process in a way thats easy to understand!
Chapter 1 Excerpt from The Building and Renovation Guide
The Construction/Renovation Loan Process
If you are thinking of building or renovating, you may already have a home design in mind. You may already have an idea of how much you want to spend. And you may already have a blueprint of your dream home. But do you have any idea of how to get there? That is where you’ll see the benefits of working with a mortgage professional at Merchants Bank.
Merchant’s Bank will guide you through the whole process from Start to Finish
Bring your Building and Renovation Guide with you when you meet with a Mortgage Loan Officer at Merchants Bank, we will provide you with the detailed process, a set of steps that will lead to your dream home. Here is an example of what you can expect:
Your liquid funds needed to close and for reserves:
We’ll need to verify the funds you have in-hand and may ask for the following types of verification:
- Bank statements (checking, savings, money market, etc.) Remember to include the complete statement
- Gift of funds letter
- Investment statements – Please remember to include the complete statement
- Paper trail on items you’ve sold
- Retirement savings statement – Please remember to include the complete statement
- Bridge loan, as an option if you have a home to sell during or after the construction process
- Explanation of any large deposits or withdrawals on any of your statements
Click here to read or download the full PDF of the Building and Renovation Guide.
Building and Renovation Guide by May Residential, L.L.C.