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Allison Childs

Allison Childs

Loan Originator & AVP

[email protected]
Phone: 603-690-2758
NMLS Registry ID: 1022839
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Allison has over 19 years of successful banking experience in the Upper Valley. With her extensive mortgage origination background, she’ll be able to guide you through the process to find the best solution. Allison is currently a member of the Upper Valley Affiliate Realtor Group, the Lebanon Area Chamber of Commerce Membership and Service Committee as well as the Upper Valley Green Real-Estate Network at Vital Communities and a Board Member of the Town of Hartford Parks and Recreation Department. Her previous volunteer and committee work includes being a Rotarian in Hartford, VT and being on the Board of the Sunapee Board of Realtors.

  • Competitive fixed and adjustable rates for home purchase, refinance, or construction
  • Convenient terms customized to your situation
  • A wide range of financing programs available:
    • Fixed rate mortgages
    • Adjustable Rate Mortgages (ARMs)
    • Rural Development Loans
    • First-time homebuyer specials
    • Construction loans
  • Helpful loan advisors with working knowledge of the Connecticut River Valley real estate market
  • Free pre-qualification for extra confidence when it comes to securing financing
  • Refinance your current home to potentially lower your rate
  • Local decision-making and processing
  • Attentive, friendly service from start to finish

Save Time on Your Application

Download our Mortgage Checklist.

Homeowners Insurance Information

Proper coverage is necessary on the collateral that is used to secure your loan at Claremont Savings Bank. Learn what insurance information we require.

Genworth Homebuyer Privileges®

We participate in the Genworth Homebuyer Privileges program. Learn how Genworth’s discounts can fill a homeOpens a New Window. — top to bottom! Download the instruction sheetOpens a New Window. and sign up for this programOpens a New Window. to take advantage of this exclusive discount program.

DOWNLOAD YOUR HOME CONSTRUCTION GUIDE TODAY!

UNDERSTANDING A CONSTRUCTION LOAN

When you apply for a loan to build a home, the lender doesn’t have a complete home as collateral, so qualifying for a loan can be more challenging. The lender will want details about the home’s size, the materials used and the contractors and subcontractors who will do the work. The general contractor can pull all this information together with their estimates. All contracts must be signed by borrower and contractor.

The bank will not only look at the information above to qualify you, but will also review your credit history and your debt-to-income ratio (this includes mortgage payment, estimated property taxes, Homeowners Insurance and any Association fees) to ensure affordability.

SELECTING THE RIGHT LOAN

Construction-to-permanent loan

Construction only loan
(not offered by Claremont Savings Bank)

Borrow to pay for the construction

Only pay interest on outstanding loan balance during construction phase

Loan balance converts into a permanent mortgage upon completion of construction

Lock mortgage rate at beginning of construction

Typically a 20% down payment is required to begin construction (lower down payment options may be available)

May be able to use land value toward down payment

One set of closing costs and fees

Borrow to pay for construction, then get a mortgage to pay off construction debt

Can’t lock maximum mortgage rate at beginning of construction

May allow smaller down payment based on construction loan value

If your financial health changes during construction, may limit options and rates for mortgage

Two sets of closing costs and fees: one for construction loan, one for complete home mortgage

CHOOSING THE RIGHT BUILDER

Find a builder that has built the kind of house you want in terms of price, style and size. Look into the builder’s credentials with the local homebuilders association and ask for references from previous clients. Ask your builder for proof of insurance and check with the Better Business Bureau to see whether there are any complaints against the builder.

APPLYING FOR BUILDING PERMITS

It’s essential that you get the right building permission and the necessary permits required to build your various structures. By getting the right permits, you will avoid fines and work delays. If you proceed to build without the proper permits, you expose yourself to penalties, including having to take the structure down after you’ve built it. The right permits for construction projects will also ensure that safety standards are met. It’s important to adhere to building regulations because these codes are in place for a reason and public safety is one of them.

The method of applying for building and construction permits will vary depending on the state that you live in. You can get all the information necessary at your state government’s website. Leave ample time for the permit process, because it can take weeks or months for your permits to come through. Most lenders will require a copy of your building permits before the loan can close.

BUILDING PROGRESS INSPECTIONS

Lenders will conduct routine inspections as the home is built. During this period, the lender pays the builder in stages, called “draws,” and usually sends an appraiser or inspector to make sure that construction proceeds as planned. This process keeps the construction draw amount and completion percentage in line.

PLANNING FOR UNEXPECTED COSTS

Cost overruns can occur when borrowers change their minds during the construction process or if the price of materials increase. It is recommended to have a 10% overrun budget available.

Home Equity Loans

  • Competitive rates for short-term or one-time needs:
    • Major life events
    • Home improvements
    • Debt consolidation
    • And much more
  • The existing equity in your home is used as collateral backing
  • Convenient terms customized to your situation
  • The interest paid may be tax deductible (consult a tax advisor)
  • Local decision-making, processing, and servicing
  • Attentive, friendly service from start to finish

Home Equity Lines of Credit

  • Competitive rates for ongoing or seasonal needs:
    • Education expenses
    • Home remodel projects
    • Emergency reserve
    • And much more
  • The existing equity in your home is used as collateral backing
  • Convenient terms customized to your situation
  • Funds available anytime without reapplying; apply once, then use repeatedly thereafter
  • Revolving credit – as principal is repaid, more becomes available for use
  • Funds are easily accessible in person, online, or by check
  • The interest paid may be tax deductible (consult a tax advisor)
  • Set up automatic payments to be deducted from your account monthly
  • Local decision-making, processing, and servicing
  • Attentive, friendly service from start to finish

Home Improver Loan Special Image

  • Competitive rates for home improvements
  • $55 processing fee waived from 3/2/2020-9/30/2020
  • Convenient terms customized to your situation
  • No collateral required
  • Rate discount with preauthorized loan payments from a Claremont Savings Bank account*
  • Local decision-making, processing, and servicing
  • Attentive, friendly service from start to finish

*Rates and programs are subject to change without notice.  Additional fees may apply. Offer of credit is subject to approval. Certain restrictions may apply. 

Start the house hunting process well prepared. Order your homebuyer kit today!