Friday, January 30, 2015

Build Your Home From the Ground Up With MMFCU

Ready to move into your dream home, but can’t find it? Build it! When you are starting construction on your new home, it’s important you have a solid financial foundation. Mid-Minnesota Federal Credit Union offers low-interest rates on construction loans to make your home dream a reality. We also provide the education and tools you need every step of the way! We are even offering a free Construction Loan Workshop, “Building your Home for the Ground Up!”  March 19 in Alexandria and April 16 in Brainerd.

When you make the decision to build a home, there are a lot of decisions that need to be made, but don’t get overwhelmed! In this blog, we’ll walk you through some factors you need to consider and why. Before you start the blueprints, think about your budget -- what can you afford? Do you own a home now that will need to be sold? What debt do you have? How much will taxes and insurance be? Once you have determined your price range for the property and construction costs, it’s time for pre-approval.

Mid-Minnesota Federal Credit Union offers flexible terms to suit your individual needs, including 10-, 20- and 30-year mortgages. We also offer competitive interest rates, one-time closing costs, no early pay off penalties, interest rate protection throughout the construction process with the final rate modified upon completion of the home, and financing for up to 90 percent of the value of the home.
 
After you’ve been pre-approved for your construction loan, it’s time to choose the land and sign a purchase agreement. Land for your home can be mortgaged, gifted, inherited or purchased new. Once you have the land, you can choose a builder and have plans and estimates prepared for the project.

Building a home can seem like a daunting task, but our experts, Heidi Bruns and Ginger House are here to help you every step of the way. Call or stop by one of our branches to make the first step towards your dream home.

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