I found this on the web when working on a bank related project. Its a very simple, straight forward building and renovation guide on how to renovate your existing home or build a your new home when working with a bank. Its very clear and presents the entire process in a way thats easy to understand!
Chapter 1 Excerpt from The Building and Renovation Guide
The Construction/Renovation Loan Process
If you are thinking of building or renovating, you may already have a home design in mind. You may already have an idea of how much you want to spend. And you may already have a blueprint of your dream home. But do you have any idea of how to get there? That is where you’ll see the benefits of working with a mortgage professional at Merchants Bank.
Merchant’s Bank will guide you through the whole process from Start to Finish
Bring your Building and Renovation Guide with you when you meet with a Mortgage Loan Officer at Merchants Bank, we will provide you with the detailed process, a set of steps that will lead to your dream home. Here is an example of what you can expect:
Your liquid funds needed to close and for reserves:
We’ll need to verify the funds you have in-hand and may ask for the following types of verification:
- Bank statements (checking, savings, money market, etc.) Remember to include the complete statement
- Gift of funds letter
- Investment statements – Please remember to include the complete statement
- Paper trail on items you’ve sold
- Retirement savings statement – Please remember to include the complete statement
- Bridge loan, as an option if you have a home to sell during or after the construction process
- Explanation of any large deposits or withdrawals on any of your statements
Building and Renovation Guide by DCPI, L.L.C.