Step Four - Disbursement Schedule

(Illustrates how money is funded during construction based on a predetermined set of draws. Draws are paid as work progresses during the construction phase of the loan)

- Change Orders - Any change orders that are not given to the loan officer prior to the mortgage closing will not be incorporated into the draw schedule. The borrower(s) will be responsible for any change orders to their construction contract.

- Finalizing Disbursement Schedule - Upon completion of the disbursement schedule, both the borrower(s) and builder are asked to review and approve the disbursement schedule.

- Disbursement Revisions - Changing the disbursement schedule before initial settlement is acceptable with the approval from the American Home Bank Construction Department. Revisions after initial settlement are also subject to the approval of the American Home Bank Construction Department. It is encouraged to thoroughly go over the disbursement schedule with the builder prior to the start of construction.