It’s helpful to start the conversation early in the homebuying or building process. This allows you to understand your options, budget, and next steps before making decisions. 

Affordability depends on factors like income, debt, credit, and down payment. Also, where you build or buy can affect the taxes you pay in addition to a mortgage. The quality of schools and other decisions might also factor into your decision.

A lender can help you review your financial picture and determine a comfortable price range. 

Buying an existing home typically involves a more straightforward process, while building includes additional steps such as selecting a builder, planning, and phased financing. The right option depends on your goals, timeline, and preferences. 

Heritage Bank can arrange financing to bridge the construction of your new home until you are ready to put your current home on the market. You and your lender can also look at other financing scenarios.  

Construction financing is typically set up in two phases. During the build, you’ll have a construction loan. As your home nears completion, your lender will work with you to finalize your long-term mortgage.

Timelines can vary depending on the type of loan and the details of the project. For construction loans, factors like builder documentation, plans, permits, and appraisal reviews can impact timing. 

Yes. Builders must meet the bank’s qualifications before a construction loan is finalized.  This helps support a smooth process and ensures the project aligns with approved plans. 

Heritage Bank works with a range of production builders, independent builders and custom home builders.  

Funds are released in stages as construction milestones are completed. These draws are typically aligned with key phases such as foundation, framing, and final completion.