Are you looking to build your dream home?
When it comes to building the home of your dreams, having someone in your corner to guide you through the process is essential. Our experienced Mortgage Loan Officers are here to assist.
PREPARING FOR APPLICATION
Here are some things you'll want to know prior to applying for a Construction Loan. You will need a copy of the plans and specifications for the home you wish to build. You will want to work with a general contractor, who will oversee the entire project. Make sure you have a signed contract outlining costs for all aspects of the project. Don’t forget the importance of obtaining the necessary permits.
LOAN IN PROCESS
After the loan request has been approved, you will have a team working with you throughout the process. In additional to your Mortgage Loan Officer and Client Service Coordinator, OnTarget Systems will also be working with you.
WHO IS ONTARGET SYSTEMS?
OnTarget works with you and your General Contractor throughout the entire process; from start to finish.
What is OnTarget’s Role?
- Review plans
- Obtain necessary documentation throughout the process
- Conduct bi-monthly courtesy calls with your General Contractor
- Facilitate the disbursement process
The Role of Your General Contractor
Your General Contractor will be responsible for managing the project, overseeing licensed professionals working on the project, ensuring construction meets building code requirements, and providing general liability insurance for the project. It is important to note that funds are not disbursed upfront. Instead, funds are disbursed for the work that has been completed and are progress based.
Are you looking to build an addition or accessory dwelling unit?
If you currently have a mortgage on your home and are interested in making improvements without refinancing, we have a product that might be suitable for your needs. Whether you’re looking to add additional living space or build an ADU for extra income, we may be able to assist.
Have More Questions?
Our highly experienced and knowledgeable mortgage lenders at Bangor Savings Bank have helped many of our customers find the perfect home mortgage to fit their needs. If you are looking to purchase a home, we can help!