JohnFoster

Foster

Building a home or remodeling can be both exciting and stressful at the same time. 

Working with an experienced lender can help remove some of the stress from the construction process. For many years, Wilson Bank & Trust has been a leader in construction lending in Middle Tennessee and has helped many borrowers navigate the building process. 

These are a few things you’ll need to discuss with your lender as you begin the process:

  • · If you are building a new home, have you identified a building lot? —Do you still have a balance on the lot or is it paid off? Are there any restrictions as to what type of home can be built on your lot?
  • · House Plans — Do you have a finalized plan or do adjustments have to be made in order to fit your budget?   
  • · Contractor — Has a final decision been made on who your contractor will be? What is their expectation for payment? Have you shared this with your lender? Are they licensed in Tennessee?
  • · Budget — Do you have a budget for your construction project? Has it been reviewed with your contractor? Do you have a contingency plan if there is a cost overrun?
  • · Septic or Sewer — There are different requirements depending on which option you are using. Do you have the proper permits depending on which option you choose?

When it’s time to apply for your construction loan, the lender will provide a list of documents that are needed, along with the application. Although it can be challenging to dig through files to find the specific documents, bringing all the needed paperwork can make the process much smoother. 

John Foster is the Senior Vice President and Head of Consumer Lending at Wilson Bank & Trust.

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