5 actions that can make or break your loan.
Building a home is one of the most satisfying projects you’ll ever undertake. It’s also a project that can take time to reach completion, especially with the ongoing effects of pandemic supply chain interruptions.
As you prepare to apply for your mortgage — and throughout the entire construction process — it’s critical that you maintain a financial status quo. Depending on your builder, location, and other factors, this could be a period of 6–12 months during which you should:
We realize that circumstances beyond your control may occur. Reach out to your KBHS loan officer to let them know about any changes, such as new employment or unexpected emergency expenses. We’re here to answer your questions and help you navigate this exciting time in your life.
Click here to email or call a construction loan officer near you.
As you prepare to apply for your mortgage — and throughout the entire construction process — it’s critical that you maintain a financial status quo. Depending on your builder, location, and other factors, this could be a period of 6–12 months during which you should:
- Hold a steady job. (If you must change jobs, stay in the same industry with equal or greater compensation.)
- Avoid making major purchases or taking on debt for items like cars or furniture. This can affect your credit score.
- Maintain your cash reserves. This is not the time to dip into your savings to go on a big vacation or make risky investments.
- Don’t move money around different accounts.
- Stay with the same bank or credit union instead of opening accounts at a new financial institution.
We realize that circumstances beyond your control may occur. Reach out to your KBHS loan officer to let them know about any changes, such as new employment or unexpected emergency expenses. We’re here to answer your questions and help you navigate this exciting time in your life.
Click here to email or call a construction loan officer near you.