This step can take some time to complete and will take some patience. There are several items that most financial institutions require you provide when you apply for your loan. Listed below are just a few:
Last 3-4 years of tax returns and/or W-2’s
Last 3-4 pay stubs
Your address for the last 2+ years
Current statements from checking, savings, portfolios, etc
Employment addres for last 2 years
Copy of deed/title to the land you are building on or being purchased.
Set of floor plans and builder contracts/estimates
There is a lot more information that will be requested before the loan is closed so be prepared to keep digging through your files and have patience. Our Log Home Sales Consultants assist folks everyday who are going through this process, and believe me, you are not the only ones who feel like they are going through the hoops as this process takes place.
At some point in the application process an appraisal will be ordered for your log cabin home building project. The appraiser will take your log home floor plans along with the contractors contract/estimates and will determine a value of your home setting on the lot you have chosen. This value will become part of the basis for the amount of funds the lending institution will loan towards your log cabin home. Once this amount is determined, the draw schedule can be completed, papers can be signed and you can begin building your dream log home.
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Our next and final blog in this series is Step #10 – Placing your Log Home Package order