Over the last 53 years building homes in central Oklahoma, we've done business with dozens of banks. Some have been excellent to deal with, from both the builder and customer perspectives, some have been OK, and some have been downright difficult if not incompetent. Since getting a construction loan to build a new house is a key element of building a home on your land, whether it's in Oklahoma or somewhere else, I thought it would be helpful to share what I've learned.
Construction loans for building a home are different from other types of loans. Many bankers will tell you they'll do a loan to build a new home, but not that many are actually good at it. You can ask the banker what title company they use, if they have a list of preferred appraisers, and who does the progress inspections... If they can't give you a ready answer, they might not really be that good at construction lending, and using a bank like that will lead to delays and frustration.
The best banks in Oklahoma City for construction loans will be the ones that have a dedicated team for just that purpose.
Oh, and please don't use interest rate as your guiding principle. There are so many other factors, and there won't be much difference in rates anyway. When you calculate the actual dollar difference, you might find you're stepping over dollars to get to pennies.
In Oklahoma City and surrounding areas, here are the top 5 construction lending banks (in my humble opinion):
For more articles about construction loans, please check out these articles:
Also, please feel free to download our guides that contain lots of hints that will help you on your journey to building your forever home on your land.
A home builder for 18 years, Tim is the "son" in Turner & Son Homes. He is the CEO of the company and partners with his dad, Ben, who has been building since 1964.
The current home on our property has been in existence for over 80 years. We love our property, and made our decision to build our new house there. Turner and Son was the first company we considered and we didn't have to look any further.
The Wells family
March 9, 2016