Building a Home: CONSTRUCTION TO PERMANENT AT A GLANCE

Initial Consultation | Loan Application

You can depend on your mortgage loan officer to help you find the solution that is right
for you. You'll need to provide documentation for your loan. This process moves quickly
when documentation is provided promptly.
Receive initial disclosure
We will send you documents know as initial disclosures within three (3) business days of you submitting your completed loan application. This is a great time to ask your mortgage loan officer questions about the loan and terms.

Loan processor assigned
We have an amazing team of processors who will work with you and your mortgage loan officer to ensure that your loan application is processed in a timely manner. Your processor also prepares your paperwork for your closing.

Appraisal is ordered
First South Bank will order your appraisal once we have the necessary documentation, collected applicable fees, and have your approval to proceed. 

Updates of progress
Your mortgage loan officer will provide you with regular updates throughout the loan process to keep you fully aware of the status of your application.

Appraisals & valuations
Before closing, you will be provided with copies of all property appraisals and other valuations tied to your loan application. You should review these carefully and share any concerns or questions with your mortgage loan officer. They are standing by to help you!

Final approval of your loan
We will notify you when your loan has been approved. Your mortgage loan officer will help coordinate the closing.

Loan closing
The closing attorney will contact you to schedule the loan closing. They will also notify you of any money you need to bring to the closing table. Any borrower listed on the loan must attend the closing to review and sign the documents to complete the transaction.

Construction draws set up
After closing, your loan will be set up for regular construction disbursements to your builder. Your loan officer will be your primary point of contact during the construction phase. The will help facilitate all disbursements.  

During construction
Funds are disbursed as work is completed and verified by inspection. Although your builder will make the draw requests, you will be asked to authorize their ability to make those requests. During this phase, you will also be billed monthly for any interest owed on the funds already disbursed. You are not responsible to make payments to the principal at this time. Your loan officer can answer any questions you may have concerning your bills or payments during this time.

Converting to permanent financing
After the construction has been completed and the proper documents have been provided, we will disburse the final draw and convert your loan to permanent financing. You will then begin making regular monthly mortgage payments on the principal and interest.