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Obtaining Financing & Signing the Contract

After receiving a written estimate from the builder, it is time to secure financing for construction. This article provides key resources and guidance about obtaining financing, along with what to expect during the process.

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Get Ready to Build

Get Ready For Construction of a New Custom Home

Learn what to expect in the final steps of the custom home building process. We cover insurance issues, loan closing dates, setting a start date for construction, and how to manage the details once construction begins.

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Appraisal Buzzcast with Robert Carroll

Watch Robert Carroll on The Appraisal Buzzcast

Watch The Appraisal Buzzcast with Robert Carroll of Carroll Construction discussing what this past year has done to the housing industry and how the future is being impacted by these trends.

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Considerations For Building In Flood Zones

Although there are certain risks to building a new home inside a flood zone, most of those risks can be mitigated. Learn what is needed to determine if the land you choose is in a flood zone, how to request a determination, and how to mitigate the risks with building there.

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Carroll Construction, Building Contractors, Zachary, LA

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IMPORTANT LOAN CONSIDERATIONS

Your budget is the foundation for every other decision you will make while preparing to build a home because it provides context for what is possible. Most people attempt to answer the question of “What is my budget?” by simply deciding how much they would be comfortable spending. Unfortunately, while this is a crucial part of the process, it ignores the rest of the picture. We advise our clients to answer the following questions in the order below. However, if you are self-financing the project, skip to question #3.

1. How much will a financial institution lend me?

This sets what we refer to as your Maximum Loan Amount.

2. What type of loan will I need?

This is where many people get confused because if you ask the wrong questions when interviewing lenders, you’ll get vastly different answers. We recommend reviewing the information in this article on the loan type you will need before meeting with your lending candidates.

3. How much am I willing to spend?

Just because a lender is will to lend up to your Maximum Loan Amount, this does not mean you will be willing to borrow and spend that amount. Consider the monthly payments as a starting point and adjust your Budget amount from there. Your chosen lender can help you with this.

4. What can I reasonably expect to build for what I am willing to spend?

This answer will come from a qualified builder during your preliminary meeting. Be prepared to discuss your budget so that the builder can help you get a better idea of what size home to design to meet your goals.

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7 things You Must Know Before Designing a New Home

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