Financial Considerations When Rebuilding Your Home
The Housing & Building Association of Colorado Springs (HBA) has provided us with some important information about the financial aspect of rebuilding your home, in particular "progress" based payments.
Below, we have outlined the document for your quick reference, but please click the link at the bottom to read the full document; it is critical knowledge to have as you rebuild your home.
- The payment process for the construction of a home will likely involve your mortgage company and your insurance company as well as your builder.
- You may be required to make payments to the builder DURING the construction period rather than make one large payment at the end. Ask your builder before you put your insurance proceeds in a fixed long term investment like a CD.
- It is your responsibility, as the homeowner, to make sure that payments are made at the appropriate time.
To read HBA's summary of factors you should be aware of and should consider when rebuilding your home, click here (PDF).
Coming soon, we will be emailing the community with information from the HBA about using a title company for a disbursement agent.
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Colorado Springs Together is an independent 501(c)(3) Non-Profit
Colorado Springs Together is a community-driven volunteer effort, and is an independent 501(c)(3) non-profit organization. The team members are distinguished citizens and business professionals in the community facilitating and coordinating a quick and effective rebuilding process for the neighborhoods devastated on June 26th by the fire. The donations received will go towards the activities required to help restore the lives and the neighborhoods affected by the fire at the same time maintaining a strong sense of community during the rebuilding process.
Please visit:
www.ColoradoSpringsTogether.org
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