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- The Construction Process -
To whom are draw payments made?

Draw payments are made typically one of two ways. They may be made payable to both you and your Builder or just your builder.

The advantages of having them payable only to your builder are that your builder receives his funds more quickly.

There is no need to obtain two signatures to cash the check.

The disadvantage of this plan is that the draw check is useful in ensuring performance of your builder.

Some people prefer to control the draw process.

Make sure you find a lender that can offer both alternatives.

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What if I don't sell my home before my new home is completed?

Options exist to make sure your financial security is not jeopardized.

Price your house realistically and determine exactly what you need to get out of it.

Talk any scenarios through with your lender to make sure you get the construction financing that is right you're your situation.

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