<p> Building your own home in Florida is an exciting time, but along with the excitement of planning you also need to figure out how you are going to finance the home. One option that you may have not been aware of is a Florida construction loan. This type of loan has several benefits for a homeowner and very little risk, especially if the loan terms are set up properly. </p><p> <strong> When you are getting ready to apply for a Florida construction loan you are going to need several pieces of information ready for the loan officer: </strong> </p><p> - A survey of the property that you plan to build on - A written bid from the contractor, broken down so the lender can see the cost for each aspect - The final blueprint - Your completed lender's application </p><p> During the loan process your lender may also request additional information on the contractor you are planning to use. This is especially true if your lender has never worked with the contractor. Many lenders have a preferred builder's list and if your contractor is not on the list they will want to see their license and insurance information. </p><p> One of the best aspects of a Florida construction loan (compared to other Florida home loans) is that most banks give you six months to a year to complete the construction. During this time you only pay interest on the amount of money that you have drawn on, which means that as you complete a phase of the building you will request money to pay the contractor. Once the bank has given you the money, the next bill will be only on the interest for that amount. </p><p> When your home is complete and you have received a certificate of occupancy, your bank will then close that part of the loan and you will now begin paying your regular monthly mortgage payments. </p><p> An important thing to keep in mind when you are setting up the loan terms is <a href="https://www.home247.co/%E0%B8%82%E0%B8%B2%E0%B8%A2%E0%B8%84%E0%B8%AD%E0%B8%99%E0%B9%82%E0%B8%94%E0%B8%A1%E0%B8%B7%E0%B8%AD%E0%B8%AA%E0%B8%AD%E0%B8%87-%E0%B8%9E%E0%B8%A3%E0%B8%B0%E0%B8%A3%E0%B8%B2%E0%B8%A1-9/" alt="คอนโด พระราม 9">คอนโด พระราม 9</a> to tell the bank that you want to be in control of the money. Some homeowners have gotten into trouble when contractors take large draws on the loan and then don't complete the work or the work is completed but they don't pay the subcontractors. This leaves the homeowner without the money and no simple recourse. </p><p> Overall, a Florida construction loan is a great way to finance the building of a new home. It helps you keep your monthly payments low while you are waiting to move into your home. This type of loan also can help you keep more control of the money and gives you the opportunity to see the work completed before you pay the contractor. </p>
