Building a new home comes with the responsibility of making many decisions—including where you finance your loan, hiring a contractor, and more.
Before you begin your project, here's a few helpful tips to consider:
Make sure the property has access to all necessary utilities and appropriate water and sewage services. Choose a lot/land that is well suited to the type of home you will build.
Hiring the right contractor impacts the success of your project and your overall enjoyment with the building experience. Contract price and quality of construction vary from contractor to contractor. That’s why we recommend you interview several contractors to compare bids. Then, select the contractor who makes you feel most comfortable.
Just like choosing your contractor, selecting the right lender is important. BBVA Compass offers competitive financing options that save you money. Saving money on your financing allows you to put more money into your new home.
Using recycled building materials will help you save money and it's eco-friendly. Also, look for clearance products, such as floor models, reconditioned appliances, and discontinued models and products. (You can usually score big with discontinued flooring materials.)
Every day, BBVA Compass helps people build their dream homes. We make the process of getting a home construction loan as easy as possible for you and your contractor. Benefits of our Construction Permanent Loan include:
Looking for stable monthly payments? With a Fixed-Rate Mortgage, the interest rate on your mortgage loan remains the same for its entire term.
Most adjustable-rate mortgage (ARM) loans feature an initial fixed-rate period, with interest rates adjusting once per year after the fixed-rate term expires.
Having some work done around your house? Here are some strategies to manage to residential contractors.
Paying off your mortgage early can be a great financial move for many people—but there can be significant downsides, too.