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America's Best Mortgage!
One Mortgage Product - $10 Billion Committed
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4.625%
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Fixed 30 Year (as of 3/2/2010)
No Down Payment, No Closing Costs
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COMPLETION OF REPAIRS/RENOVATION
The contractor is paid in full at the completion of the project, including any retained funds and/or payments from contingency funds. It is very important that you have the property inspected in order to verify the completion of the contractor’s work.
The following forms and documents must be completed:
- Final Draw Request
- Permits signed-off by city inspector(s)
- Certificate of occupancy (if applicable)
- Completion Certificate – This identifies the final payments to all parties involved in the renovation and that unused funds are applied to the mortgage principal.
- Full and Final Lien Waiver – This ensures the contractor cannot come back and add a lien to your house once all contracted monies have been paid (this is not required for total contractor payments of less than $1,000).
It is your responsibility to verify that all work has been completed to your satisfaction and to sign off on the project in order to release final payments. The final payment process is the same as stated above for the draw requests.
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