Building or Renovating a Home
Whether you build or renovate, the home of your dreams is waiting.
If you’re considering building a new home or renovating a current home, you’ll be glad to know that Dollar Bank has made financing easy and affordable. All Dollar Bank mortgage products can be converted into a construction or renovation mortgage and are customized to fit your project. And we will be there for you from start to finish. Connect with a mortgage expert today to customize your financing.
Our construction mortgages offer:
- Competitive rates
- As little as 5% down
- One closing – your loan will automatically move into a permanent mortgage at the same great rate
- Conforming and jumbo mortgage options
- Adjustable- and fixed-rate options
- Interest-only payments as each construction phase is completed.
- We retain the servicing of our construction mortgages. You'll be in our capable hands for years to come
What you need to get pre-qualified
- Copy of the deed for the land if you own it
- HUD-1 settlement statement for the purchase of the land within 12 months of applying or contract for the purchase of the land
- Contract for the purchase of the land if you don’t own it
- Contract with licensed general contractor along with their company name, address, phone number and certificate of liability insurance
- Plans and specifications for your new home or renovation
- Hazard insurance covering the property during construction – either the builder’s risk or your homeowner’s insurance policy
Use the equity from your current home to start construction.
We offer home equity lines of credit (HELOC) to access the equity from your current home so you can start your build before you sell. Use it toward building costs, down payment, managing mortgages for two properties as well as other non-build related needs. Will a HELOC work for you? Ask your mortgage expert today.
Already own your lot?
When building a new home, most often the lot purchase and construction financing can be rolled into one mortgage. If you already own the lot, you can use the mortgage to finance the construction costs. And, if you have a current mortgage on the lot, you may be able to roll that into the construction financing.
Renovating an existing home?
You can finance the renovation cost and the mortgage financing with one loan. When Dollar Bank does a renovation mortgage, we appraise the current home as if the renovations are complete so that would give the benefit of the proposed improvements to the value of the appraisal report. Depending on the loan amount, we can lend up to as much as 95% of the as-completed value. This loan is similar to a construction mortgage in that you only have one closing and your loan will automatically move from renovation to permanent mortgage at the same rate.
How much do you know about construction financing?
When building a home, the lot and construction financing can often be rolled into one mortgage. If you already own the lot, you can use the mortgage to finance the construction costs. And, if you have a current mortgage on the lot, you may be able to roll that into the construction financing. What does all of that mean? Get in-depth details in Financing Your New Home Construction. Gain insight on financing options, draw schedules and more.
Let's talk about financing your dream home today!
Disclosures
The information presented is general in nature and is for information purposes only. It is not intended to provide specific legal, tax or other advice to individuals.
*The $500 credit towards closing costs applies to Dollar Bank Residential Lending Department loan applications for a 1-4 unit, first lien residential purchase or refinance mortgage loans and requires Everything Checking to remain in place for three years. Everything Checking is subject to terms and conditions that may change after account opening. Ask for the Account Information Schedule for details. Offer excludes no closing costs products and government sponsored loan programs including VA and Government Bond Loans. All applications are subject to approval under Dollar Bank's underwriting guidelines. Property securing the loan must be in Dollar Bank's market areas. Subject to change without notice.