New Construction

Congratulations on your decision to build a new home and thank you for contacting Four Star Mortgage for your financing needs. We look forward to working with you.

We home the following information is helpful in explaining our process..

Why Four Star Mortgage of Mid-Michigan?

We are a branch of Ross Mortgage Corporation who has been in mortgage banking in Michigan since 1949.  Four Star Mortgage offers many valuable, professional loan services to you and your builder.

Construction loan disbursements and loan servicing functions are handled internally for your convenience.

Our Construction Loan Specialist will guide you from product selection to permanent loan closing and will work closely with you and your builder to make this a positive experience.

Here's how the Four Star Mortgage construction loan application process works...

1. A Four Star Mortgage Construction Loan Specialist will work with you to explain product options and obtain additional information from you in order to complete a loan application.
   
   
2. Four Star Mortgage orders a credit report for you and any co-borrowers.
   
   
3. Once we have your signed application, a copy of your purchase agreement and final builder plans & specifications, your application is submitted for underwriting approval.
   
   
4. Loan is approved, contingent upon an independent appraisal and title work.
   
   
5. Construction loan closing. Construction begins on your home.
   
   
6. Founds are disbursed from your construction loan as construction progresses. You pay intrest-only, monthly, on the average outstanding balance. Your permanent loan interest rate will be the market rate on the date you choose to "lock".
   
   
7. Upon completion of construction and a final inspection, your construction loan is paid off and your permanent loan begins.