Podcast
Questions and Answers
What is the purpose of a Construction Loan?
What is the purpose of a Construction Loan?
- To purchase materials for home renovations
- To pay off credit card debt
- To finance the completion of a new home (correct)
- To refinance an existing home
How long is a typical Construction Loan term?
How long is a typical Construction Loan term?
- 12 months (correct)
- 30 years
- 5 years
- 24 months
What is the purpose of a 'Take-Out' Loan?
What is the purpose of a 'Take-Out' Loan?
- To refinance an existing home (correct)
- To pay off student loans
- To take out a personal loan
- To finance the construction of a new home
When does the borrower need to disclose the 'Take-Out' Loan?
When does the borrower need to disclose the 'Take-Out' Loan?
What is the purpose of establishing a Take-out refinance Loan in Encompass?
What is the purpose of establishing a Take-out refinance Loan in Encompass?
Why is it necessary to have detailed line items in the draw schedule for a construction loan?
Why is it necessary to have detailed line items in the draw schedule for a construction loan?
What is the significance of verifying assets for All Western Mortgage?
What is the significance of verifying assets for All Western Mortgage?
Why is it important to have project approval from CFSI Construction Management before underwriting?
Why is it important to have project approval from CFSI Construction Management before underwriting?
What does 'Total Cost to Construct' represent in a construction loan context?
What does 'Total Cost to Construct' represent in a construction loan context?
What should borrowers provide as proof of insurance according to the text?
What should borrowers provide as proof of insurance according to the text?
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