Time to Move In
There’s a process to building a custom home. Tiffany and James experienced that step-by-step process firsthand while working with the Northwest Community Credit Union Construction Loan Advisor and her team. From start to finish, we were there to answer questions, make recommendations, and ensure this family realized their dreams.
One of the final steps in the process was rolling their construction loans into a traditional 30-year mortgage.
Final Steps with the Builder and Financing
ViJay Altergott, Construction Loan Advisor at Northwest Community Credit Union, made sure the couple got all the paperwork done before closing. She explained that there are three pieces of final paperwork that must be signed before moving to a traditional home loan.
“Those include the certificate of occupancy, the builder’s final draw, and the final inspection by the appraiser. We handle it all for the members.”
“I love how closely our home ended up being to how I imagined it."
Once the builder’s last draw is made and everything is approved, it’s rolled into an ordinary home loan. ViJay and her team make this part easy, too.
“It’s a simple process,” said ViJay with a smile. “We send the member a brief document that modifies their construction loan into a mortgage. Since all the work is done up-front with our One-Time Close Loan, all the member has to do is sign the modification document.”
Because those documents are processed locally, it’s done fast. The member starts making their ordinary, monthly payments about 30 to 45 days after everything is signed.
Tiffany and James loved the process. “The credit union’s One-Time Close Loan was exactly what we needed. We were able to lock our interest rate the same day we signed for the loan. This meant that there was never any uncertainty regarding how the payment would fit into our budget; we knew what our monthly payments would be prior to construction, instead of refinancing based on the options available after construction.”
For Tiffany and James, signing those papers meant moving day was just around the corner. “I was filled with relief when we moved into our new forever home,” Tiffany recalled. “I was so excited to see it for real and exist in the space I had imagined for so long.”
Because they had lived with family while they built their own home, the couple could take their time moving. Over a period of several weeks, they moved boxes, hung pictures, and put away dishes. Finally, they hired movers to deliver the heavier items.
Making Your Own Dreams Come True
Thinking of building your own home? ViJay offers some advice. “Don’t rush the process. Allow enough time to prepare and research the best options for your land, builder, and the floorplan.”
At Northwest Community Credit Union, we’ve been helping members build their own homes for years. In that time, we’ve developed a clear step-by-step process that starts with a meeting and ends with your move-in day.
“We’re here to take the guesswork out of the process,” explains ViJay. “We aim to streamline the process and provide important communication during each phase so members know what to expect and can focus their time and energy on building their home.”
Working with Northwest Community, the couple always had someone there to answer questions and make the process easier. “We’re a direct and local resource, which allows us the flexibility to make lending decisions quickly,” ViJay shared. “Members also have peace of mind knowing they have a designated expert who is accountable directly to them and who can provide information quickly and efficiently.”
Final Thoughts from Tiffany
Tiffany and James learned throughout the process and are adore the end result. “I love how closely our home ended up being to how I imagined it,” Tiffany stated.
“But it’s a good idea to include a large contingency budget for changes and unexpected costs. With our contingency budget, we were able to ensure we ended up with what we wanted, even though it resulted in increased costs because we didn’t think of everything ahead of time. We added a second showerhead to the master shower, chose a more expensive garage door that suited our style, and made a number of other decisions, big and small, as a result of having more funds available. The construction process will likely cost more than you want and take longer than you think, so it’s a good idea to expect the unexpected.”
After a year of enjoying their custom home, the couple is ecstatic. “I’m so glad we built our home,” Tiffany shared. “Our old home was 921 square feet—our new home doubled the size. We love the extra space and open feeling. We also gained a real garage and really enjoy having the room to park our cars out of the elements.”
As for working with Northwest Community and ViJay’s team, Tiffany and James always had someone there to answer questions and make the process easier. “Our one-on-one interactions with ViJay made the paperwork and financing quick and easy.”
Start Your Home Building Journey
At Northwest Community Credit Union, we applaud uncommon families like Tiffany, James, and her parents. Working together, they’ve built a remarkable life that will bring them closer together than ever before.
Your dreams are closer than you might think. The team at Northwest Community Credit Union is ready to help build your dreams, too. Contact our Home Loan Department or stop by any branch and let us take the guesswork out of building your home.