Upon completion of your home, your construction loan will convert, or “modify,” to a permanent mortgage. Your loan payment will then include principal, interest and escrow amounts (if applicable) for taxes, homeowner’s insurance and private mortgage insurance. To expedite this process contact M&T 21 days prior to the anticipated modification of your loan. We will then prepare all necessary loan modification documents and forward them to you for your signature.

The following steps will occur at this time:
• A final inspection of your home will be ordered to confirm all work has been completed
• A final title bring down will be performed
• If applicable, borrower funds will be deposited into an escrow account for payment of real estate taxes, homeowner’s insurance and private mortgage insurance
• Modification fees such as interim interest, inspection fees and bring down charges are also paid at this time

Log Home Financing Steps:

Learning Center

Get Pre-Qualified

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Apply for a Mortgage

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Mortgage Approval

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Create Disbursement Schedule

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Mortgage Closing/Settlement

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Home Construction

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 Modifying to a Permanent Mortgage