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How to Streamline Construction Loans

Tuesday Oct 11, 2016
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Residential home construction loans have made a huge comeback. Many homeowners are opting to build a custom new home rather than buy a new home. Of course a process this complex and expensive comes with its share of anxiety. Planning ahead can ease some of the stress and make the process go a lot smoother.

Ben Lucero of Indigo Mortgage has helped many homeowners obtain construction loans so they can build the home of their dreams. Over the years, he has observed some ways to streamline the process.

To start, borrowers will want to have all of the details in place. This means finding the land to build on, hiring an architect, completing the floor plan and selecting a builder. Be sure to hire licensed professionals with references.

At this point, most people begin looking for a lender, but there’s one important step to consider first. Often, the borrower and the builder do not have a firm grasp on how much the completed home will be worth. It’s imperative to bring in an appraiser to estimate the value of the project so the homeowner will know how much money to borrow and put down. Far too often, the borrower finds out weeks after applying for a loan that the bank appraisal is not high enough to cover the construction loan. Bringing in an appraiser at this early stage can save borrowers from bigger problems in the long run.

Indigo Mortgage has been helping homeowners with construction loans for almost 14 years, so our mortgage experts are well suited to assist borrowers. We can support our clients and help them evaluate plans and specs, line item breakdowns and descriptions of materials, as well as set them up with an appraiser. We are happy to provide guidance throughout the process, not just arranging financing. We strive to be partners, not just lenders... Because no on cares more about you and your mortgage loan.

Indigo Mortgage is a locally owned and operated company, serving homebuyers in Albuquerque, Rio Rancho, Santa Fe and all across New Mexico. For questions about selecting a mortgage lender, contact Indigo Mortgage in Albuquerque at (505) 836-5700. Indigo Mortgage offers five mortgage divisions including Residential, VA Loans, Reverse Mortgages, Construction and Commercial. They are licensed by the Nationwide Mortgage Licensing System (NMLS #188348), and can provide loans anywhere in New Mexico.

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