Dream to Build Program - FAQ
With the Dream to Build program, building your dream home is a seamless and enjoyable experience.
Frequently Asked Questions
What is the Dream to Build program?
The Dream to Build program is designed to streamline the construction loan process, making it easier for you to build your dream home.
How does the Dream to Build program work?
The program consists of four simple phases:
» Prequalify for Financing: Determine your budget and get prequalified for a loan amount.
» Purchasing Your Lot: Secure the lot where your dream home will be built.
» Construction Loan: Funds are disbursed in stages as construction progresses.
» Final Financing: Transition to a permanent mortgage and move into your new home.
What are the benefits of the Dream to Build program?
» Simplified loan process
» Dedicated support from our mortgage experts
» Flexible financing options tailored to your needs
Who is eligible for the Dream to Build program?
Anyone looking to build a new home can apply. Our mortgage experts will work with you to determine your eligibility and the best financing options.
How do I get started with the Dream to Build program?
You can start by applying online or contacting one of our mortgage experts. We’ll guide you through the pre-qualification process and help you every step of the way.
Can I use the Dream to Build program for renovations or additions?
The Dream to Build program is specifically designed for new home construction. For renovations or additions, we offer other loan programs that may better suit your needs.
What documents are required for the application?
You’ll need to provide proof of income, credit history, and details about the construction project. Our mortgage experts will provide a complete list of required documents.
How are funds disbursed during construction?
Funds are disbursed in stages based on the progress of the construction.
How does the construction loan transition to a mortgage?
The Dream to Build program involves a two-closing loan process:
» Construction Phase: During this phase, you receive funds in stages to cover the costs of building your home. You typically make interest-only payments on the amount disbursed.
» Completion: Once construction is complete and all inspections are done, you will need to close on a new loan to refinance the construction loan into a permanent mortgage.
» Permanent Mortgage: After the second closing, the loan converts into a traditional mortgage, and you start making regular mortgage payments based on the terms of your loan.