Construction Loans Archives - SouthStar Bank, S.S.B.

Construction Loans, Construction-to-Permanent Loans, Lot Loans, Mortgage Lending, Mortgage Loan Process

by SouthStar BankJuly 29, 2022

Build Your Future with a SouthStar Bank Construction Loan

Construction Loan | SouthStar Bank Building a house is an adventure. Whether you’re looking for the perfect lot, building a new home, or doing both, SouthStar Bank can help you get started. We offer: 1. Lot Loans Identifying the property is the first stage in building a new home. You can secure the site with a raw land or lot loan until you’re ready to build. These loans normally have periods of 12 months to 3 years, depending on how much time is needed before converting to a construction loan and are amortized over a 20-year period. The money you put down on the land is usually applied to the construction loan’s down payment. 2. Construction Loans Once you’ve confirmed your plans and budget with your builder, you are ready to convert to a construction loan. A construction loan is a short-term loan that ranges from 12 to 18 months in length, depending on the size and budget of the property you’re building. It will be rolled in with your construction loan if you have a loan on your land. The land down payment is applied to the construction loan and in some situations, lot appreciation may be used to reduce the required down payment. 3. Construction-to-Permanent Loans It’s a good idea to think about your long-term finance choices when planning to build your home. Before you start your build, work with a loan officer who will walk you through your options, whether a refinance after construction or a single “one-time-close” loan, so you know what to expect from your permanent mortgage. The fact that a one-time-close construction loan effortlessly turns to a long-term, permanent mortgage once construction is completed is perhaps the most significant advantage. As a result, this loan is the preferred option for many of our borrowers. SouthStar Bank specializes in financing for new home builds in Central Texas. With loans available from land purchase, to a seamless construction draw process, and finally permanent financing, your lender will be there to guide you every step of the way. Talk to one of our qualified loan officers today.

Mortgage Lending, Mortgage Loan Process

by SouthStar BankJuly 15, 2022

Finding the most qualified mortgage lender starts here

Finding the Most Qualified Mortgage Lender Starts Here Most Qualified Mortgage Lender | SouthStar Bank SouthStar Bank designs a home loan experience specifically for you. We realize you’re one of a kind. Your mortgage should be too. If you want the opportunity to see what’s possible for your mortgage lending future, start here. We pride ourselves on having the ability to provide traditional local bank service with big bank opportunities. Our traditional mortgage lending offers extensive options to serve you better such as: Star Advantage Program: Home loans for unique situations (also known as Portfolio Loans) Traditional Fixed and Variable Rate Mortgages: Conventional (Fannie Mae & Freddie Mac), FHA, Jumbo, Rural Living, USDA, VA Low Down Rural Acreage Refinance Interim Construction to Permanent Financing Trust a mortgage banker in your community that can guide you through the process Close to home, a mortgage banker can be a reliable ally. They will take the time to get to know you and personalize lending solutions to your specific needs. It doesn’t have to be tough to get a mortgage loan. Your Mortgage Loan Officer will work with you to gather the necessary documentation for a loan decision. Although different loan types are available, the application and review process is much the same. To give you a better idea of what to expect, here’s a synopsis of the mortgage loan process: 1. Application Your MLO will work with you to finish your application and gather any papers required for underwriter assessment. Regulatory disclosures are made when needed. 2. Pre- Approval To make an initial credit decision, the Underwriter will analyze your application and paperwork. If the loan is initially authorized, your loan officer will advise you on the conditions that must be met in order for the loan to be issued, and collect any additional paperwork as required. Many real estate agents will require you to complete this step prior to viewing properties, especially in competitive Central Texas markets such as Austin. Pre-approval will give you an accurate understanding of budget and allow you to make a quick, competitive offer when you find the property. 3. Appraisal Once a property is selected, the Appraisal Reviewer and SouthStar Bank will organize the receipt of the property appraisal. The appraisal and estimated value of the property will be reviewed by the Appraisal Reviewer. You will receive a copy of the appraisal once it has been accepted. 4. Approved for Closing The Processor will re-submit the file to underwriting for final evaluation once all of the conditions have been completed. The Loan Closer will compile and submit the loan closing document package after final approval is received. 5. Ready for Closing Your loan officer will walk you through the final numbers and disclosures and answer any questions you may have. The Closing Agent will confirm the amounts required to close with you and set a date for the closing, at which time you will sign the final loan documents. Get started today! Buying a home is no easy task. There are piles […]