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Budget Analysis - Your project planner will help
you evaluate the overall budget requirements for your project and do
everything possible to keep the entire project within those guidelines.
Loan Application - The process is easy: Laconia Homes is closely affiliated with several
of the area's top mortgage companies. Loan applications can be filled out
right here in our office (and soon on-line!), with same-day approvals
available.
Construction Loan - A construction loan is a
critical and necessary part of your project. The first thing your
construction loan will do is pay off your land, which allows site work to
begin. As construction progresses, your construction loan will make
progress payments for items such as the foundation, road work, utilities,
the home or building, etc. During the construction loan, you will be
making payments only on money disbursed.
Final Inspection
& Funding
- Upon completion of your project, Laconia Homes or your general contractor will call for final inspection
and obtain a certificate of occupancy. Upon receipt of the C.O., your
lender will disburse final construction funds. Now, your permanent
financing will take over and your regular monthly payments begin.
Escrow Account - Most lenders will establish an
escrow account for you. Your monthly payment will include enough money to
set up a "special account" that will pay for items such as
homeowner's insurance and property taxes. You make one payment and your
lender does the rest.
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