Sunday, January 19, 2014

Last and final step

Once your house is complete, there is one final step and this will likely vary based on the details of your construction loan. You must convert your construction loan to a mortgage. I'm sure this varies depending on the terms of your loan, but ours had to be done within 6 months of completion of the construction. Also, the bank we used (Union Savings) had a beautiful program where you didn't get blasted with refinancing fees like you normally would. Since they designed this to be a one time close construction loan, there is only a small $200 fee to convert to a mortgage. You must be careful when getting a construction loan to be sure you aren't going to be hit hard with a big refinancing fee at the end. Keep in mind that before you convert to a mortgage, you are likely not locked in on an interest rate. Pay close attention to the market and if they predict rates to rise or lower in the window you have before converting. We locked ours in right away since the rates are currently increasing.
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51 comments:

  1. AnonymousApril 18, 2014 at 1:47 PM

    This is such a beautiful lay out for a home. It is so exciting that you get to see your new home built from the ground. Sometimes getting plumbing originally installed can be scary. If the pipes break they will have to be ligated.

    Eliza Lawrence | http://www.sageconceptsinc.com/about-us/

    ReplyDelete
  2. UnknownMay 28, 2014 at 3:08 PM

    My husband and I are talking about building our dream home. We haven't made a final decision yet. It was great looking at your whole process. It definitely gives you a lot to think about.

    Alena | http://www.mvmch.com/about-us.html

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  3. AnonymousJune 9, 2014 at 7:21 PM

    Your house finished successful! I think your team and home builders deliver a great work that resulted a beautiful home. HOME sweet HOME.

    ReplyDelete
  4. UnknownJune 17, 2014 at 10:30 AM

    Converting you construction loan to a mortgage is a very important last step! Thank you for sharing. I am excited to start the process of building our new custom home this summer! Any tips that I would appreciate?
    Holly James | http://www.herberthomesinc.com/

    ReplyDelete
  5. UnknownAugust 4, 2014 at 1:57 PM

    That's so fun that your house is finally done! I want to build a custom home, but I'm not really sure I'm comfortable making my own home plans. I would need a lot of help, because I don't really know anything about house building. http://www.mustangbuilderscorp.com

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  6. UnknownAugust 7, 2014 at 9:02 AM

    I love custom homes. When I was 12, my parents built their home from scratch. It was quite the sight to see. It had the best view over the lake. My husband and I are thinking about doing a custom home, but we're not sure how to start. http://www.thejacobscompanies.net/custom/

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  7. UnknownSeptember 2, 2014 at 8:08 AM

    I would love to have a home custom built. I would appreciate advice from the builder so that I don't make designs that would later prevent my home from being easily sold. How much will a home builder take my design ideas into consideration?

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  8. UnknownSeptember 29, 2014 at 4:53 PM

    I love the brick work design on your custom home! My husband and I are starting the beginning stages of working with a custom home contractor, and we couldn't be more excited! Good luck with construction!

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    ReplyDelete
  9. UnknownOctober 23, 2014 at 5:11 AM

    This article has been very helpful for me. I am recently in the process of building a new home. I was surprised by how much it is to build a home. I have to watch money very closely for a little while until my home mortgage get's situated.
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  10. AnonymousOctober 24, 2014 at 9:03 AM

    Building your own home lets you make it how you want it to look. There can be a lot of creativity used in making a house. I can't wait to build my house.
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  11. UnknownNovember 19, 2014 at 3:19 PM

    My wife and I want to have a house built for us that we will love and can live there forever. I need to hire someone to work with us and design the house that we wont. I really hope that I can find someone that will do this for us. http://www.neaterresidential.com.au/about-cairns-builder.php

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  12. UnknownDecember 1, 2014 at 1:05 PM

    Thanks for sharing! That's awesome that you're building your own home. It'll look awesome, I'm sure. I've always wanted to do that. Maybe I'll share this information with my husband and see if I can convince him that it would be a good idea. http://www.lugbillconstruction.com/about-us

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  13. UnknownDecember 13, 2014 at 10:22 AM

    We build custom homes in Delaware but we are constantly looking for new inspiration from people that lives in other states. Your house was finished beautifully. Thank you for sharing.

    ReplyDelete
  14. UnknownJanuary 26, 2015 at 3:36 PM

    This is such an exciting time for you, I'm sure. We recently started renovating our home, so we are experiencing some of that excitement as well. We cannot wait until we have our dream house. We are starting to shop for home builders, so it finally is starting to feel real.

    http://www.southernaddition.com.au

    ReplyDelete
  15. UnknownJanuary 28, 2015 at 5:44 AM

    I too am building my first home and my wife and I couldn't be any happier. We have been living in apartments for almost five years. With school and everything, it was just easier and cheaper to be in an apartment. Now that we don't go to school anymore, and we can afford a house, we have the pleasure of building our own. I think we should be able to move in to the new house in about four of five months and we can't wait.

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  16. AnonymousFebruary 1, 2015 at 9:44 AM

    Thanks for sharing all your experiences about building a home--forums like this really benefit others, including us! We're envious that you guys are nearly done (that money monster just keeps rearing its ugly head, doesn't it?) and we have barely started. Really appreciate all the insights to the process--thanks!

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  17. Mark WesleyMarch 1, 2015 at 8:07 PM

    It depends on individuals to convert loan on mortgage. As far as the construction guys are concerned, it is time to analyze that if the plan is actually been implemented 100% or have to do changes accordingly.

    ReplyDelete
  18. UnknownMarch 9, 2015 at 12:48 PM

    It has been quiet the journey for you guys to build your first home. The good thing though, is that it is going to be well worth it to you and you are going to be very happy with the end result. Not only will it look amazing in the first place, but you will also be able to say that you built that with your own hands. Even though you have to convert your construction loan to a mortgage, it is still going to be worth it in the end.
    http://www.arochadesignbuild.com/residential.html

    ReplyDelete
  19. SashaMarch 28, 2015 at 9:01 PM

    Thanks for the great tip! We are building soon, and there is so much to think about - very overwhelming!

    ReplyDelete
  20. UnknownApril 6, 2015 at 1:55 PM

    I don't know how I'm going to convert my loan into a mortgage, I've never been very good with finances. You said they gave you 6 months in order to do it, but is that what the average time is? What if I can't do it in time? Maybe I should try hiring help, or even contact some local banks about it. http://www.seapointehomes.com.au

    ReplyDelete
  21. UnknownApril 6, 2015 at 11:24 PM

    so many things to consider, i don't know if topnotch construction services can handle the move.

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  25. UnknownAugust 20, 2015 at 11:03 PM

    Also, the bank we used (Union Savings) had a beautiful program where you didn't get blasted with refinancing fees like you normally would.
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  26. Johnson DecruzNovember 4, 2015 at 11:59 AM

    I am going to build a custom home (approximately 2 500 to 3 000 sq. ft.) that would end up costing approximately $400 000 for the lot, and approximately another $400 000 in the end when the dust clears, and financing is not a problem whatsoever. So I would like to know how much of a deposit would a builder require? $200 000? $300 000? Also, are there any other deposits/fees, etc (ie some sort of building fees, city/town fees and deposits, taxes...)?

    Thanks for any help you can provide. I've been driving myself nuts for like 2 months trying to figure everything out before I actually take the plunge!
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    Very useful information a lot of people don't even realize. This is an important step in the process of building custom homes and is often overlooked. This post covered some very important information home owners need to know.

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