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Today, were going to talk all about the draw process when it comes to construction financing. If you are considering building your own home and require mortgage financing to get that construction complete, then you should understand some fundamental aspects of how construction financing works. And the draws are one of the most important elements to understand. So join me as we dive into some critical details. Ill show you an example and hopefully by the end of this video youll have a greater understanding of how this draw process works. Once youre approved for your construction loan, the construction mortgage lender will give you a draw schedule that looks a little bit something like this. Now, this is just an example showing four draws, which is commonly how its done. However, you can have more draws, less draws depending on what your needs are, but the fundamentals remain the same regardless. So what happens is that the lender will ascribe a certain percentage of completion of t
