In March of this year, Michael and Amanda Burrows moved into their dream home, a new construction in Troy, Ohio. Over the course of the two-year building project, Minster Bank was a steadfast partner and proponent for the couple, offering friendly service and expert advice throughout the home construction loan process.
Choosing Minster Bank
Michael and Amanda’s relationship with Minster Bank began several years ago when they first moved to Miami County and purchased their previous home in nearby Covington. They heard about Minster Bank through word of mouth from the home’s previous owner.
“I wanted to have a local bank for my mortgage because we were new, establishing credit. We had a car loan that we are close to paying off. Our credit looked pretty good. We had a couple of credit cards, but it was going to be our first house. We wanted to have a relationship with a local banker, instead of going with a big bank on this,” said Michael.
Related: Get a Construction Loan or a Home Equity Line of Credit >>
Time for an Upgrade
The Burrows lived in the Covington home for seven years, but with their family expanding, they felt the need to upgrade to a larger home. So, they approached Mortgage Loan Officer Beth Peters of Minster Bank’s Troy location about applying for a new construction loan.
Peters has been a great resource to the couple ever since. She walked them through all the details of what a construction loan is and what it would require from them. She also offered Michael some strategic advice in regard to a lump sum he had set aside for the down payment on the new home.
“Beth pointed me to a banker, so I actually got the big chunk of change put into a money market account, and essentially, I was receiving the same interest level as I was paying for the construction loan,” he said. “I felt as though it kind of worked out because I got a deal with the money market, and I got that locked in at a higher rate of return. It was like a win-win for me.”
Related: How to Plan for a Home Down Payment>>
The Benefits of a Hometown Bank
In addition to excellent customer service, Michael and Amanda reaped other great benefits from working with Minster Bank.
When it came time to close on the new construction loan, Peters already had tabs on many of the moving parts, such as the money market account that held the Burrows’ down payment. This made for a smooth, streamlined closing process for everyone involved.
Minster Bank also had 20+ years of experience working together with Denlinger & Sons Builders Inc., the construction company that built Michael and Amanda’s home. The strong working relationship between the two organizations ensured that Michael and Amanda were well informed throughout the building process.
Going to Bat for the Customer
It took about two years for the home to be built, and during that time, Peters was in charge of overseeing the progress of the home build in order to manage the disbursement of the construction loan to Denlinger.
The basics of a home construction loan involve benchmarks of the progress made. Once the contractor reaches each benchmark, the bank disburses a portion of the loan funds to them. Peters looked out for the Burrows throughout the entire process, taking pictures of the home’s progress and letting them know when Denlinger could receive another draw from the construction loan funds.
Related: New to the Home Buying Process? Download Our Free Mortgage Guide >>
Convenience + Customer Service = The Perfect Combination
Michael and Amanda both love working with Minster Bank because it suits each of their individual needs and preferences. For Michael, convenience is the biggest plus.
“I like how you can get in and there’s always a parking space. You can say hi to everybody, and they know your name. I tell them what I want, they get it taken care of, and I’m in and out,” he said.
Having banked with larger corporate banks in the past, Amanda loves the warm, friendly atmosphere and the personal customer service she receives at Minster Bank.
“All the people, all the employees of Minster are just so warm and welcoming and personal and professional, and that’s a true talent ― to be warm and professional. And they just nail it. You feel like you’re family, from that very first moment,” she said.
Make Your Dream Home a Reality with Minster Bank
Whether you’re looking to build your new dream home like the Burrows did, need a conventional mortgage or a home equity line of credit, Minster Bank has you covered. We offer several options, such as:
- • Adjustable-Rate Mortgage
- • Conventional Fixed-Rate Mortgage
- • Home Construction and Home Renovation Loan
- • Home Equity and Home Improvement Loan
- • Home Equity Line of Credit
- • And More
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