There are some companies who will deny the construction loan request if the property has been placed on the real-estate market to be sold. The reduction in an interest-rate might be just what the homeowner needs to break even on the sale of the place, and if they can't get it, they take it off the market to meet the requirements of a particular financier. 

DO NOT let a construction loan officer bully you into giving out sensitive data. If they can't discuss their offers without your social security number, back away fast; they're incompetent. 

If the appraisal on the residence is not satisfactory or the title search shows there are existing liens on the property, it does not matter how qualified you are as a borrower. Your loan will not gain final assent unless both you and the building are acceptable. Many persons fail to understand this distinction. Pre-approval does not guarantee final underwriting approval. If you understand the finance process before starting, and set your expectations accordingly, you will have a much more pleasant experience getting your construction loan. 

When your contract's closing-date is near, you will oftentimes be leaned on to skip a step or two or let some of the budgeting and bids slide away. This is a very bad idea. Proper budgeting is vital to building a property. Take the time to finesse the exact budget and sign a proper agreement for all of the work required even if you are using a licenced contractor. 

The terms for any financial package, including residence improvement or renovation financing, will vary depending on the borrower. If you've good credit, your finance is paid off and you are willing to put your home forward as equity, then you can expect to get better rates.