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.