## How do I complete a construction loan?

1. In Loan Definition:

n Select the Construction of Building option.

n Select the without Permanent Financing option.

n If applicable, enter information for the architect by clicking the Architect button. This information prints on the Construction Loan Agreement and the Architects Consent and Acknowledgement.

n Select the Renovation/Improvement of Dwelling or Purchase Dwelling option to trigger HMDA if applicable.

n Click the Use of Proceeds button and select the Real Estate Construction option.

2. In Loan Definition 2:

n Verify the Line of Credit option is checked.

n Verify the Closed Credit option is checked.

3. On the Regulation Compliance Information window, verify the Secured by Dwelling Being Constructed option is checked.

4. In Calculations, select the Single Pay Construction or Interest Only Construction for the payment structure.

##### Notes

n Completing a construction loan is similar to a real estate transaction although specific options must be selected for this loan type. Complete your transaction as usual and include the following options.

n The e that displays next to the APR, Finance Charge, and Total of Payments headings on the second Calculations window indicates the values are estimates.