We all want the perfect home that reflects our tastes, sensibilities, and unique styles. But sometimes, it doesn’t exist. At least not yet. If you’re thinking about building, follow these five tips to make the construction financing process…well, less of a process.

1. Know your credit score. By finding out what your credit score is, you’re able to take steps to either maintain or improve your credit score. To get the best rates, a FICO score of 720 or higher is ideal.

2. Save up for at least a 5% down payment. At Lake Michigan Credit Union, we have multiple lending solutions to fit your needs—including low-down payment options* . By saving up for your down payment, you’ll be well on your way to building your dream home.

3. Get pre-qualified. Knowing how much home you can afford is important so you’ll know if that fourth bedroom is within budget. A LMCU Loan Officer can walk you through the process and build a construction loan specifically for you.

4. Budget more than expected. Finishing costs are often overlooked. These include things like landscaping, a mail box, or fences. It’s typically recommended that you allocate an extra 15-25% of your budget for these kinds of costs. By budgeting a little extra, you’ll be prepared for any unforeseen expenses.

5. Connect with a builder that fits your sense of style. It’s important to choose a builder that’s right for you. Consider their credentials, references, past work, style, personality, and price. Connecting with the right builder from the start will help the process go as smooth as possible.

LMCU’s streamlined builder activation process minimizes paperwork throughout the build. Our one-time, upfront close before construction saves you money by combining your construction costs with your permanent financing**.

Remember, this is a rare opportunity to build precisely the kind of new home you’ve been dreaming of. So take your time, ask questions, and make it what you want!

Contact a Loan Officer to get started. Visit LMCU.org/Mortgage, call (844) 754-6280, or stop by your local branch.

*For well-qualified borrowers. LMCU NMLS ID #442967 **Learn more by visiting LMCU.org/Mortgage.