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During the construction period, payments will be interest-only on the amount disbursed
to the builder after each advance. These payments will be billed monthly. The interest
rate will be at the initial contract rate.
After the construction phase of the loan, the construction mortgage automatically
converts to a permanent mortgage. You will then begin to make regular monthly mortgage
payments including principal and interest on the full amount of the mortgage.
Draws are paid to the builder in accordance with the loan advancement schedule.
Prior to the distribution of any draw, Dollar Bank will send an inspector to the
site to verify the status of construction for the bank. Payments to the builder
are processed following the inspection. Your builder is paid according to the agreed
upon draw schedule. Stages on the advancement schedule may be paid out of sequence,
but partial draws are generally not permitted.
If the inspection proves to be complete, a check made payable to both you and the
builder is provided for the amount of that draw. A Dollar Bank construction representative
will oversee each draw for accuracy.
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