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INCONSTRUCTION

THE ONE CLOSE CONSTRUCTION PROCESS


Building Your Dream Home


1. Qualify For Your Mortgage Loan


You and your Construction Loan Specialist to discuss all aspects of the process and we’ll evaluate your personal financial situation to match you with a financing plan that meets your individual needs and goals.

We’ll ask you for documents that support the information that you are sharing with us like paystubs and tax returns. 


2. Execute Your Purchase Contract


Once you’re confident in your financing plan you can move ahead to finalize your purchase contract.

This contract is a written agreement between you and your Builder outlining costs and services provided by the Builder.

Construction loans require more documentation than a regular purchase so your Builder Representative will work with your loan specialist to provide info required to complete your application


3. Finalize Your Mortgage Details


You’ll forward updated financials to us to complete your loan application. We’ll complete the final loan processing and underwriting.  After your loan is  approved, we’ll forward a loan commitment to you and your builder.

In the past, the construction finance process consisted of multiple loans for the lot and the end loan, multiple closings and extra fees all along the way.  Now One-Time Close Loans simplify the process and save both time and money.

4. The One-Time Closing


Next, your One-Time Closing will be scheduled at a convenient time and location and you’ll sign the final loan papers,  other necessary documents and establish a construction loan escrow account used to build your home.

You’ll know exactly what your end rate will be, you’ll pay less fees and you’ll only have to attend one closing.

Process Outline


5. Construction and Draw Periods Begins


As construction begins your Builder will ask for periodic draws as the build progresses.  Once you authorize each draw the title company will  pay them per the terms of the disbursement agreement.

You’ll begin to pay interest only on the funds disbursed each month and this will continue each month throughout the construction process.


6. Once Your Home is Complete


Upon completion of the home,your builder will request the final draw on the construction contract and reconcile any overages or shortages. We’ll order a final inspection reflecting completion of the home. After your authorization the final draw will be made by your Builder.

You’ll receive notice that the construction term has ended and that loan repayment will begin.  This payment includes Principal and Interest and escrows for Taxes and Insurance.  


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NMLS ID 402498    |    Equal Housing Lender     |     Member FDIC

A Division Of Inland Bank and Trust

The Inland name and logo are registered trademarks being used under license.

Subject To Credit Approval.

Inland Home Mortgage

1900 West State Street

Geneva, IL  60134

Toll Free:(877) 838-4462

Email: mortgage@inlandbank.com

NMLS ID 402498    |    Equal Housing Lender     |     Member FDIC

A Division Of Inland Bank and Trust

The Inland name and logo are registered trademarks being used under license.

Subject To Credit Approval.