Mortgage Update for January 2008 by Ginny Myszewski, Johnson Bank

New Construction lending is a specialty and working with the right lender can make the entire process much easier. Select a lender that knows the construction process from contract to closing. If the lender does not specialize in New Construction lending they may not be able to help you make the best choices in financing your new home. During your first meeting with your lender, you should have the following information and documents with you:

• The signed construction contract
• A copy of the closing documents from the lot you already own or a copy of the signed offer to purchase on the lot you want to purchase
• A completed loan application with all the supporting documents (asset statements, liabilities, employment information and income information etc.)

When selecting a New Construction Lender, make sure the institution retains the servicing of the loan and that the construction draws are handled by people who are local. Working with a lender that is available to answer questions and handle the draws internally will allow you the customer to have quicker, easier access to information throughout the building of your home. A good lender will be available to answer your questions throughout the entire construction period and after your home is built, should be involved in the follow-up on the final details of your end financing.

With Johnson Bank, we offer many options in New Construction lending products. Depending on what your financial goals are, a qualified construction lender can help you in determining which products would be right for you. In addition, a qualified lender should be able to explain all the options. Construction loans usually have provisions for converting or modifying to another program when your home is complete. Your lender should detail what the program and costs will be at that time. Your end financial goals should be an integral part of the process.

I would love to assist you with financing your dream home. Please contact me at:

Office 262.523.8253
Cell 414.305.4873
vmyszewski@johnsonbank.com

Sincerely,

Ginny Myszewski