NDT – Build Your Dream Home with Western State Bank


FARGO, ND (Valley News Live) – Western State Bank’s Ben Sullivan tells us what we need to know about construction loans.

Potential options to buy a lot now, even if you don’t plan to build right away: This year more than ever due to rising material costs due to the pandemic, we have seen a sharp increase in the number of people buying lots and waiting to build. We know we’ve already started to see some relief in building material prices, but we still have a ways to go. If you have a piece of land or a lake that you love, Western State Bank can help you buy it now so you know you’ll own it whenever you decide to build it. Our land loan program has flexible terms and has helped many people purchase the place of their dreams over the years.

Benefits of buying the bundle now: The main advantage of buying the bundle now is that no one else buys it before you do. We have seen in town that there always seems to be a shortage of lots. Other reasons to buy now might be you know where you want to build, but still not sure what style or price range you want to be in, you can own the lot while you determine these details.

Construction financing possibilities: When someone takes construction seriously, we usually recommend that they come and meet your mortgage or construction professional, we will need to prepare or update your prequalification, and then walk you through the steps of the construction. construction. loan process. Normally, once you are pre-qualified, the next step is to work with your builder to prepare your plans and budgets. Once we have your plans and budget, we’ll order you an appraisal just to make sure everything is priced as it should. This protects you and the lender, and if everything looks ok on the appraisal, we begin the construction loan process to start paying these costs.

What is permanent financing and how does this transition from your construction loan work: Because we would have collected your financial information in advance to qualify the borrower for the construction loan, the process to switch to your permanent loan is very simple and we try to plan the closing of the permanent loan so that it is convenient for our borrowers. A very good advantage of the borrower taking on the construction finance is that he is not in a rush or rush to close quickly because when the borrower does the construction finance he already owns the land and at the end of the construction loan, the builder is already paid, so we are working with our borrowers to set a time to sign their permanent loan when it is convenient for them.

Programs or strengths someone should look for in a construction lender: First and foremost, be sure to seek out a lender with experience in construction loans. As with any construction project, things can happen and unforeseen costs and expenses can arise, this is where it really pays off to have a lender with experience who can keep you calm and help you with all the issues. problems that might arise.

The Western State Bank is located just off 13th Avenue East and 9th Street in the West Fargo Pioneer Plaza, and in a new location on 45th Street South in the Osgood neighborhood.

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