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The Home Renovation Loan Process for Connecticut Properties
Today I will talk about the process of obtaining a Renovation Loan for Connecticut Properties
The Renovation Loan Process
Hello everyone, this is John Vecchitto, a local loan officer with North-East Financial located in Middletown, CT. I’ve been receiving a lot of inquires regarding renovation loans, so today I would like to talk about the process and how you could qualify for a loan today!
- Clients are pre-approved based on income, assets, debts, and credit
- Client obtains bids from general contractors, and makes a selection
- Appraisal is performed “as completed” upon executed contract and final bid is obtained from the general contractor.
- All the paperwork is completed and submitted to us for underwriting
- Underwriter approves the loan.
- Approved loan is sent to the title company
- Loan closes and construction account is created
- Funds are disbursed as work is completed and inspected
- Construction is completed
- Enjoy your new home or investment property!
It’s that simple! So if you’re looking at purchasing a distressed property, give me a call today to see if a Renovation Loan is for you! Looking at upgrading your current home? Give me a call today to see if refinancing your current mortgage may be an option. Thanks!
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John Vecchitto / Loan Officer
NMLS# 1127163
210 S. Main St. First Floor
Middletown, CT 06457
860-918-0251 (Cell)
860-788-7237 (Office Phone)
johnv@northeast-mortgage.com
Company NMLS 117273
