LA MORTGAGE SERVICES

 

Construction Loans

 

      LA Mortgage has THE BEST construction product in all of PA. Whether it is a stick built home, modular home, we can make the process SIMPLE. If you own your land, we can use that towards your down payment and closing costs. But even if you don’t already own your land, we can help you build your home with a minimum down payment amount of 5%, or you might have enough equity in your land if you already own Features of LA Mortgage’s Construction Loans.

 

      LA Mortgage locks in your interest rate at the time of application.

If rates go down between now and closing, LA Mortgage allows you a free float down.

After your loan is approved, you have an additional 60 days to close, and then a 9 month construction! All at the same lock in rate, at the time of application.

 

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HOW TO START

 

      To begin building your home, the first thing you’ll need to do is determine what kind of financing you’ll need. A Call to an LA Mortgage Loan Officer, is the best way to find out what kind of financing suits your situation. Your Loan Officer can then start your pre-approval or loan application.

 

FINDING YOUR HOME

      Now you can start planning for the construction of your home. Working with your builder will be easier now with the confidence of knowing how much you can afford comfortably. Also the builder will know right away, you are pre-approved and can proceed to move forward with choosing the home you want.  Once you’ve chosen the home that’s right for you, you will get a Fully Executed Construction Agreement from your builder, Specifications and Plans which you will pass along to LA Mortgage. We will have an appraisal done on your home based on what the house will be worth once the house is completed.

 

      After we receive the proposed appraisal, signed documentation needed from you, and the loan is reviewed and program guidelines are met, we will issue a written approval. A closing can then be scheduled with your title company and a mutually agreed date and time will be chosen.  

      LA Mortgage will take the time to walk you through all the steps, and you can feel confident knowing you understand the construction process, and what to expect. Even if you don’t know how to take the first step, schedule an appointment with one of our Construction experts and we can steer you in the right directions. We also have a variety of builders & modular home companies that we work with that can help you choose what kind of house you may want and can afford.

 

DURING CONSTRUCTION

      During your construction time, payments will be paid monthly as billed on the money that has been disbursed.   Disbursements are paid upon a satisfactory inspection of the work that has been completed. At this time you will also inspect the property to make sure the work has been completed to your expectation. Inspections are generally ordered within 24 hours after receiving written or verbal requests from you and your Builder/Contractor. Disbursements will be paid in the form of a check paid to you and your builder.  After all the Disbursements have been made, and the house is complete, you can move into your DREAM HOME and your mortgage payments will begin.

 

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