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Building a home is exciting. Fidelity Bank & Trust works with you every step of the process.

Publish Date: September 1, 2021

Deb Engler Choosing to construct your own home means you’re in charge of everything from location of the site, to color on the walls, and everything in between.

“It’s an exciting adventure, but the process looks different from a traditional mortgage,” explains Deb Engler, Chief Lending Officer at Fidelity Bank & Trust. “Building a home is exciting and is filled with decisions, which can seem overwhelming at times. Choosing a lender that will help you through the process can make a big difference,” Engler adds.

Engler details the construction loan process, step-by-step, so you know what to expect:

GET PRE-QUALIFIED
If you’re looking to build, getting pre-qualified is your first step. It’s best to know what you can afford prior to digging in. Our experienced lenders will help you learn how a construction loan works, how to stay on budget and what to expect for overruns.

FIND A REPUTABLE BUILDER
Now that you know what you can afford, it’s time to find a builder. The builder will lead you through the process of constructing your home and will help you choose a floor plan, provide estimates and more. Finding a builder who works well with deadlines and lender inspections will help keep your project on track.

SECURE FINANCING FOR YOUR LOT AND CONSTRUCTION
At Fidelity Bank & Trust, our low closing costs and interest rate help you manage the expenses of building a new home. Financing your construction project with Your Hometown Bank means no inspection fees and convenient access to funds. Plus, we offer 100% financing on lot loans.

The application process for a construction loan is similar to a traditional mortgage. Information your lender will ask for includes income verification such as, most recent paystubs, past two years tax returns, and W2 forms. In addition, you will be asked to provide construction plans with complete details on everything from floorplan, to inventory of building materials, to overall estimate of the project. An appraisal is completed based on this information to determine the value of your completed construction project.

DURING YOUR BUILD
Your experienced lender from Fidelity Bank & Trust will stay involved with you and your builder throughout the entire process, by setting up inspections and phased payments. Disbursement of funds are verified with invoices and paid to the vendor accordingly.

WHEN CONSTRUCTION IS COMPLETE ON YOUR NEW HOME
As your build nears completion, your lender will help you secure permanent financing on a mortgage that best suits your needs. You can have peace of mind in working with us from start to finish on your home financing needs!

With a construction loan from Fidelity Bank & Trust, we will guide you through the likely unfamiliar process of building a new home, and help you make sure it’s a home you can afford. Reach out to your hometown mortgage lender to get started, or visit our Mortgage Center.