It’s an exciting time preparing to have your new home built. Of course every borrower and every building or even landscaping project is unique but there some things which apply specifically or certainly generally to everyone. If you have obtained a mortgage before, please understand that the finance for an existing property is not the same as obtaining finance to build a new home. In fact the more research, the more hard work you do on the topic the better prepared you will be. And as this is such a large project and almost certainly the largest financial investment you will ever make, getting things right first time requires a bit of effort on your behalf. Remember the age-old advice — if you fail to prepare, you prepare to fail.
Now making an application for finance involves a fair bit of form filling. You’ve got two main avenues of attack.
- You can approach your bank and make application or
- You can go to a financial broker who is experienced in helping homebuilders find finance for the project