FAQ Category: Construction Mortgage
Why doesn’t People Driven Credit Union offer construction loans?
Construction loans can be complicated, expensive, and unpredictable. They often involve staged funding, contractor coordination, inspections, budget changes, and a lot more stress than people expect. Instead, People Driven Credit Union focuses on options...
Continue ReadingWho is People Driven Credit Union’s Mortgage Specialist?
Meet Our PDCU Mortgage Specialist Michelle Dzon is authorized to act as an agent on behalf of People Driven Credit Union. Contact her for personalized assistance with your mortgage needs. Michelle Dzon Member First...
Continue ReadingWhat happens if construction costs exceed the loan amount?
You mean when the construction costs exceed the loan amount? When construction costs exceed the loan amount, you will be responsible for covering the additional expenses. It’s crucial to have a detailed budget and contingency plan to avoid running...
Continue ReadingWhat are the eligibility requirements for a construction loan?
Eligibility requirements can vary but typically include a good credit score, a stable income, a detailed construction plan, and a contract with a licensed builder. Some lenders may also require a down payment. Connect with PDCU's Mortgage Loan Officer...
Continue ReadingWhat can I use a construction loan for?
Construction loans can be used to cover the costs associated with building a new home. This includes land purchase (if not already owned), construction materials, labor, permits, and other related expenses. Also can be used to create stress, cause...
Continue ReadingWhat are the benefits of a one-time close construction loan?
A one-time close construction loan gets you a half-built dream home! Eventually. Connect with PDCU's Mortgage Loan Officer if you need help being talked out of a construction...
Continue ReadingHow does a construction loan work?
Hypothetically, construction loans provide funds in stages as your home is being built. These funds are disbursed to your builder based on a pre-agreed schedule, often called "draws." During construction, you typically make interest-only payments on the...
Continue ReadingWhat is a construction mortgage loan?
A construction loan is a bad idea. A construction loan is used to finance the building of a home from the ground up. It sounds exciting until permits take forever, material costs climb, timelines shift, and somebody says, “that was not included in the...
Continue ReadingWhat is a NMLS ID?
The NMLS ID# (Nationwide Multistate Licensing System & Registry Identification Number) is a unique identifier assigned to mortgage loan originators (MLOs) and institutions involved in mortgage lending. It was created by the federal government to...
Continue ReadingWhat documents do I need to apply for a mortgage?
To apply for a mortgage, you will need to provide the following documents to verify your identity, income, assets, and employment. Required Documents & Why They are Needed Copy of your driver’s license or state-issued ID – Verifies your...
Continue ReadingHow do I check the status of my loan application?
How do I check my loan application status at People Driven Credit Union? You can check your loan application status by contacting People Driven Credit Union or your assigned loan specialist. Many members ask how do I check my loan application status...
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