topic Re: Question about draws on construction loan in Home

Question about draws on construction loan

ccassaday — Fri, 06 Oct 2017 02:35:08 GMT

I have a question about a draw schedule on a construction loan. Will be calling bank tomorrow to find out. Just thought I would ask. The builder submitted the first draw request on Sept 21st. How long does it typically take to get a bill for the first draw. My dad added mailboxes over at the new house. The neighbors moved theirs across the road with ours. Nobody is getting mail yet. When we closed my mom didn't have our apartment address so she gave them the new address. They said they only needed it for the builder. Hopefully the bill went to our old house and will get forwarded to our apartment. Or maybe we just haven't got it yet.

Re: Question about draws on construction loan

ccassaday — Fri, 06 Oct 2017 03:28:33 GMT

Oh another silly question about a one time close where you close upfront at the beginning. If you don't use the money they give you for something do they send you a check. Or if you go over does the builder send you a bill. Or when the house is done do they go through all of that and have you pay or get money back at the end.

Re: Question about draws on construction loan

kitty60 — Fri, 06 Oct 2017 16:40:24 GMT

You really need to check with your financial institution for the answers to these questiolns. They should be in the paperwork you signed and explained at closings. There is not a one size fits all and you need to check this out. You can always call and see if an invoice was sent and request another copy if you just haven't received it. I would check with the post office to be sure you are set up to receive your mail at this address.

Re: Question about draws on construction loan

KathyPet — Fri, 06 Oct 2017 18:05:57 GMT

I think that construction loans are not a "One size fits all" product. DIfferent financial institutions can and do,structure the terms differently. Answers to your question should be spelled out in the documents your parents signed.

Re: Question about draws on construction loan

ccassaday — Fri, 06 Oct 2017 19:48:51 GMT

He called the credit union today. She is checking on it. She mentioned some times the draws are taken out of closing costs or if they have a routing number they will withdraw it automatically. They haven't taken anything out. It might be they just haven't gotten the bill yet. As far as the post office my dad has been there and talked to them so many tines. He went back today. She said earlier in the week mail would start coming by the end of the week. Mainly I was just curious about these questions. Of course my dad has been on top of things. It's just odd they have the second draw ready to take out in about a week and half and we haven't made one payment.

Re: Question about draws on construction loan

ccassaday — Fri, 06 Oct 2017 22:44:06 GMT

I tell you the people at the post office are so inept. Before my dad asked to move the mailboxes off the rd and onto the access lane he talked to the post office and got the ok. As of today nobody is getting mail. Two of the houses have been there so they should have mail. The lady is like he has to change his route and it should be getting fixed. He talked to the supervisor again today and they never called back. 😡😡