How to finance? My current plan to finance my build is to pay off my current mortgage early, then sell and build.
Monolithic doesn’t have financing for Monolithic Domes. Most of our customers chose banks locally for construction loan, then roll the construction loan into permanent financing.
There are some stories on the Monolithic website about financing. Some people have shown the engineering documents, information showing that the domes are resistant to just about any damage other than a strike by an asteroid, low energy bills and low insurance rates. Love the little mini-dome in the photo! Jeanette Rost
I agree with going local on financing. When I was in the mortgage industry until 2021, I discovered that the Community Banks didn’t necessarily have to follow the same rules as the big boys. That should give them room to “think outside the box” when it comes to underwriting their loans. They’ll have to order the appraisal, not you, but you could provide any information available on unique properties within about 30 miles of yours, sales, within about 12 months, and maybe dome sales that sold quickly from time of listing. Give that to the loan officer. They’re mostly interested in how quickly they can liquidate the property in the event of loan default.
Actually, it would be much easier on you to get a 2nd mortgage or line of credit on your current home instead. 2nd mortgages may have higher interest rates, but you’ll save thousands because they generally dont have the high up-front fees of a first mortgage. Plus, the bank won’t be involved in the construction process since they’re not financing the dome house.
What about credit unions..?
