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Category: Mortgages

Construction Loans

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What if I run out of funds to complete my house?
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What if I run out of funds to complete my house?
If the loan proceeds are found to be insufficient to complete the construction, you agree to provide all additional funds needed. If the Bank grants an advance or loan for all or any part of the additional funds required to complete construction, such advance or loan is subject to the Bank’s Construction Loan Agreement, and you will be required to execute such additional notes, mortgages, affidavits and other instruments as the Bank may require. No changes in the plans and specifications, nor any changes, additions or deletions to the construction may be made without the prior written consent of the Bank.
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These questions and answers are provided for general information only and may not be completely accurate in every situation. The information provided is not legally binding on MutualBank or any of its affiliates or subsidiaries. For assistance with specific questions regarding your account(s), please contact us.

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