Financing Your Modular Home, Part 3 – Construction Loan to Your Home
Author: Susan Davidson - Category: Financing - Comments (0) - Add Comment
After the financial foundation for your new modular home has been laid, and you have decided what sort of loan to use to finance your construction project, you are on your way to constructing the modular home of your dreams. Understanding how the construction loan process works in tandem with your modular home construction will help you know what to expect, which will assist you with seeing that the process goes as smoothly as possible.
Once you have been pre-qualified for a modular home construction loan, you are ready to begin the process of building your modular home. You will need to begin looking for a modular house plan, a modular home manufacturer, and a general contractor to work on your home at the home site. Also, if you have not found a site for your home, will need to do this before beginning the construction loan process. However, if you own the land the home will be constructed on, this will add equity to your project, which will result in more favorable loan terms. To find a modular home manufacturer, see the National Modular Housing Councils’ directory of modular home manufacturers.
Financing a new modular home construction project can be a daunting, although ultimately rewarding, process. If you are new to the financial process of building a new home, here is information that will help you to know what to expect, in order to familiarize yourself with the process so that you can make the best decisions for your home construction project.