Episode 5: Financing Your Home
Rick Bell walks you through the essentials of financing your custom home — from choosing a lender to navigating the approval and draw process.
What You’ll Learn
- Pros and cons of paying cash vs. financing
- What to ask when choosing a construction lender
- Key documents required for loan approval
- How the draw process works during your build
- Understanding construction-to-permanent loans
Glossary of Terms
- Construction Loan: A short-term loan released in stages as your home is built.
- Draw Request: A request for funds based on work completed.
- Loan-to-Value (LTV) Ratio: Compares your loan amount to the appraised value.
- Permanent Loan: A long-term mortgage replacing your construction loan.
- Conditional Loan Commitment: A lender’s preliminary agreement to fund, subject to conditions.
Resources & Links
Connect With Rick
- Email: Rick@TIGTCH.com
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