Construction Financing

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 addition 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

OnTarget will communicate to Bangor Savings Bank any project concerns and undocumented changes that may impact the value of the property.

 

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 want to make improvements without refinancing, a second lien construction loan may be a great option. This product is designed to help homeowners fund projects such as adding additional living space or building an ADU for rental income or extended family, using the as-completed appraised value of the property, all while keeping your existing morgage in place.

For more information and eligibility requirements regarding our construction and second lien construction loan products, please contact your local mortgage loan officer.