We are proud to partner with you by financing the construction of your dream home. Your Mortgage Loan Officer can help walk you through the necessary steps and required documents to get things moving in the right direction. We can also provide you with a permanent loan once construction is complete.
The Draw Period
This is the period when actual construction is happening.
As your project hits various milestones, MNB will conduct a property inspection and release funds based on the construction that has been completed.
During this time you’ll only be responsible for monthly interest payments.
After Construction is complete
You and your Loan Officer will determine the best mortgage loan program for your long term needs.
Construction loans require special documentation and approvals-
In addition to the paperwork and documents required for a typical mortgage, we will also need to review and approve your builder.
We’ll request additional documentation, which will likely include:
Project plans and specifications
Construction contract
Construction cost breakdown
Your Mortgage Loan Officer will provide you with a complete list of required documents and is happy to answer any questions you might have about the process