There are a few different phases of an RTM project before the exciting moving day when a brand new RTM arrives at your foundation location. One of the most important aspects that needs to be in place in order to kick-off a project is securing financing from a lender.
When you are pursuing financing for an RTM project some things that they may ask for include:
• You often must own the land you plan to build on or need to coordinate the mortgage around this purchase (changing land titles can delay a project so start asap if you need to do this)
• You will need a contract or purchase of sale with terms spelled out by the builder including obligations for each party
• Some lenders will request a copy of your blueprints for the project
• Homeowners will need to purchase insurance for when the home is on the foundation (B&B Homes and the moving company insure you before the RTM arrives)
• RTM homeowners often require a building permit to ensure your project complies with local and national code (this can be done through your local municipality and can also cause delays so reach out to them early in your planning)
• A water test is often a requirement for a mortgage (be prepared for them to ask you for one)
• The home must be anchored to a foundation (not placed on a slab)
• The lender will need to release funds before the home is delivered on-site
B&B Homes requires different payment draws at different stages of the project that will need to be approved by your lender. For example, a deposit is due to commence the project, a schedule of payment draws will follow with a final payment due before the home leaves the yard. Contact Suzanne to learn more about B&B Home’s payment draws or to request an introduction to our preferred mortgage specialist.
Please note: Some lenders (such as FCC and others) may ask you to show proof of insurance from the builder and moving company. We are happy to provide this information at your request.
Once you have your estimate and blueprints prepared and financing in place, the build itself will begin to move very quickly compared to the planning phase of the project.
For more information on the different stages of the project, visit the RTM Project Timeline Roadmap.