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Work estimate (if available) from the contractor you selected. This estimate will include the total cost of your project, your down payment (if any), and a description of the work to be done.
Employer information (including address, phone number, earnings, etc.)
Other sources of income (if any) which are verifiable and received regularly/monthly.
Current mortgage statement.
After final approval of your loan application and your in-home loan closing, one check (or several checks if you agreed to pay your contractor in stages as the project progresses) will be made jointly payable to you and to your contractor, and these checks will be delivered to your home.
Issuing jointly payable checks ensures that the loan proceeds are only used to finance your remodeling project, and provides reassurance to your contractor that they will be paid according to the terms you both agreed to.
You, the homeowner, are in control of the checks and responsible as to when your contractor receives each check/payment. You will simply sign the back of each check and then hand them to your contractor at the appropriate times.
Homeowners should select a contractor they feel comfortable with after doing some research. To safeguard yourself, confirm with the contractor they are licensed, bonded, insured, and that it is clear if the contractor or you will be obtaining building permits, if required.