We know building the home of your dreams can be daunting. Baker Boyer is here as your guide to help you through the construction loan process. We provide all-in-one financing and simplify the process with a single closing. Here is our 4 Step Process for finding a construction financing solution to best fit your needs:
Step 1 : Planning
- Visit Baker Boyer: As your financing partner, we will discuss your plans, budget, and expectations with you.
- Find a house plan: Work with a licensed contractor to find a house plan that meets your needs both on a personal and financial level.
- Pick your lot: Work with your realtor and contractor to pick a lot that is right for you and your new home. Consult with one of our loan officers to discuss the possibility of obtaining a loan to purchase land with the intention to build.
Step 2: The Loan
- Apply for a Baker Boyer loan: To apply for a Baker Boyer loan you will need to provide your personal financial information, including but not limited to:
- Most recent paystub(s) covering a 30 day period
- Most recent two years' tax returns with all schedules and W-2s
- Current bank statements, including checking, savings, and investment accounts
- Apply for a loan here
- Customize your loan: Baker Boyer will customize your construction loan to meet your individual needs. To do this, we will need your:
- Purchase and sales contract agreement for the lot purchase
- Construction contract
- Plans / blueprints
- Description of
- Detailed cost breakdown
- Plot plan showing lot dimensions, easements,
locationof house, septic system and well (if applicable).
Step 3: Closing
- After applying for your loan, Baker Boyer will:
- Provide you a cost estimate and loan disclosures
- Order an appraisal of the proposed construction project
- Order title insurance
- Lock in the interest rate for the construction loan
- Document your loan per bank policy
- The loan can proceed to
closingonce it has final approval Closingwill be through your designated agent -- typically the Title Company
- Down payment and closing costs will be collected at closing
- The loan can proceed to
- After closing, Baker Boyer will:
- Work with you and your contractor to disburse loan funds until the home is complete
- Inspect the property to document construction progress
- Bill monthly for the interest accrued on the advanced construction funds
Step 4: Permanent Financing
- Move into your new home! Congratulations!
- All-in-one closing: Have only one set of closing costs and the ability to lock in your interest rate up front.
- Permanent financing: As construction approaches completion, we will work with you on the permanent financing.
Refinancing / HELOC: In the future, if you ever need to refinance or would like to take out a Home Equity Loan or Line of Credit, Baker Boyer will be here as your financial partner.
To set up an appointment to explore your options with a Baker Boyer Consumer Loan Advisor, please call us at (509) 526-1235 or stop the Consumer Loan Center: 1931 E. Isaacs | Walla Walla, WA 99362
If you're interested in learning more, please fill out the form below: