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Construction Loan Overview

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Questions and Answers

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?

12 months (correct)

30 years

5 years

24 months

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?

After the home is completed Signup and view all the answers

What is the purpose of establishing a Take-out refinance Loan in Encompass?

To ensure the borrower qualifies for the loan after construction is complete. Signup and view all the answers

Why is it necessary to have detailed line items in the draw schedule for a construction loan?

To track progress and ensure completion at each draw request stage. Signup and view all the answers

What is the significance of verifying assets for All Western Mortgage?

To ensure a low-risk loan for All Western Mortgage. Signup and view all the answers

Why is it important to have project approval from CFSI Construction Management before underwriting?

To ensure compliance with construction standards and plans. Signup and view all the answers

What does 'Total Cost to Construct' represent in a construction loan context?

The sum of all expenses including land purchase and construction costs. Signup and view all the answers

What should borrowers provide as proof of insurance according to the text?

Proof of homeowner's insurance coverage. Signup and view all the answers

Construction Loan Overview

Choose a study mode

Podcast

Questions and Answers

What is the purpose of a Construction Loan?

How long is a typical Construction Loan term?

What is the purpose of a '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?

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?

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 should borrowers provide as proof of insurance according to the text?

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