Construction Loan Closing
I am happy to report that yesterday I was able to close on the Starter Home 2.0 Construction Loan as scheduled. This is the second closing I have taken part in for this project, with the first being back in 2013 when I originally purchased the property. However the process was somewhat different than the first with that closing involving a transfer of property (seller) and no loan, and this closing involving a loan, but no transfer of property. As mentioned in previous posts, Guardian Savings Bank is the lender for this project and the settlement agent that conducted the closing was Nielson & Sherry, PSC. Below is a list of the different documents signed and incorporated into the construction loan to give an idea of what all is involved in the transaction.
- HUD-1 Settlement Statement
- Mortgage
- Appraisal of Real Property
- Adjustable Rate Note
- Miscellaneous Disclosure Forms
