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.Screen Shot 2015-06-01 at 8.48.40 AM






Building and Renovation Guide by May Residential, L.L.C.

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