Before they came to us, here is what happened to a few clients who were building their home:
Purchased land and paid mortgage insurance charge but couldn’t get building loan and so were in a situation that they had to go to another lender and pay the mortgage insurance charge all over again.
Thousands of dollars wasted in getting the builder to complete the works when It could have been done much cheaper through a tradesperson and still financed as part of the loan
Bank valuation — not an exact science: Land price + Construction cost does NOT always equal value of home. If lender’s valuation comes in ‘short’, they won’t give you the loan amount you need to complete the building of your dream home.
The above situations can be avoided by dealing with reputed finance brokers like us who are experts in building/construction loans and you won’t be thousands of dollars out of pocket.