Building steps towards your dream home

Know your Finances

Collect the following documentation for the application/prequalification process:

  • a recent paystub
  • two years of W2’s and tax returns (business if applicable)
  • recent bank statements (checking, savings, retirement, etc.)

Hold off on large purchases or applying for additional credit as it may impact your credit score

Know the Process

Step 1: Application/Prequalification

  • Apply for financing at West Gate Bank® and receive a free prequalification consultation regarding your lot loan, construction loan and final mortgage
  • Collect the following documentation for the application/prequalification process: a recent paystub, two years of W2’s and tax returns (business if applicable), recent bank statements (checking, savings, retirement, etc.)
  • Hold off on large purchases or applying for additional credit as it may impact your credit score

Step 2: Finalize Details / Appraisal

  • Builder provides final plans, specs, budget and contract to West Gate Bank
  • Appraisal is arranged by West Gate Bank based on information provided by builder

Step 3: Loan Closing

  • Not starting to build right away—close on a lot loan
  • Building right away—close on a construction loan with land purchase as first draw

Step 4: Construction Begins

  • Consider your construction loan a line of credit and interest is paid on funds used
  • Constructions draws are submitted monthly—this process is audited by West Gate Bank:
  1. Loan Officer compares draw to initial bid/estimate and discusses draw with borrower
  2. Loan Officer conducts monthly on-site inspections
  3. Title company searches for any new construction liens and pays subcontractors directly

Step 5: Permanent Mortgage Loan

  • Upon completion of your home, your permanent mortgage loan (15, 20 or 30 year fixed) is a
    refinance of the construction loan.