Let's dive into the world of the mortgage broker. You want a broker that can finance the building of your home with a loan called a "construction loan." A mortgage broker is perhaps the most flexible lending source, offering the most options and often giving you the best chance to get your project funded.
This article will give you a good head start on understanding what a mortgage broker can offer. Financing the construction of your home is much more involved than other loans so the more you read, the better off you will be.
USING A MORTGAGE BROKER TO FINANCE YOUR DREAM HOME
As her title implies, the mortgage broker has access to many loan sources and types. Unlike many bankers, the mortgage broker often accesses a huge variety of "underwriters" to offer loan packages to you. You'll have to shop around for a bit to find which brokers not only offer construction loans, but which ones have experience with them. Here's my short and sweet advice. Don't use an inexperienced construction lender!
Construction loans are much more involved than other loans. A lot more steps need to be taken to make this loan work so ask your broker to give you references of past clients. Take a look at some of the advantages a mortgage broker can have over a banker when it comes to construction loans.