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In this tutorial, the speaker explains the draw process related to construction financing for those building their own homes. Understanding this process is crucial if you need mortgage financing for construction. The video covers key components of how construction loans work, focusing on the draw schedule provided by the lender after loan approval. An example with four draws is shown, although the number of draws can vary based on individual needs. The lender assigns a percentage of completion at each stage, essential for accessing funds throughout the construction process. By the end of the video, viewers should gain a clearer understanding of the draw process.
