S1, E4: Borrowing Money to Build Your Custom Home
In this episode, we discussed one of the most important components of the custom home building process - construction financing. With help from construction financing & appraisal experts, they'll demystify the process and provide answers to some pressing questions:
- How much equity is needed to qualify for a construction loan?
- Do you need to sell your existing home to qualify for a construction loan?
- How does the monthly savings from an energy-efficient home impact your ability to borrow funds toward construction?
- Can the purchase of the land/lot be covered under the new construction financing?
- In a hot market, how can you quickly secure land even if you're not yet ready to build?… and MORE.
Special guests in this episode were expert construction lenders, Trisha McConkey of Associated Bank and Jeff Berger of Groundwork Mortgage, and an expert residential construction appraiser Mark Stein of Premier Appraisals.