Use the online mortgage calculator to simply get a vague idea of what you payments would be with different loan terms so you know how much house you can actually afford based on your income and expenses, future spending plans etc. Bear in mind that as long as you have even average credit, lenders will often allow you to get loans with a principle so high that in practice would probably be impossible to make the monthly payments on. Decide what house plans you want to build and get estimates from builders so you can get a firm idea of exactly what they expect it to cost, then add 5-10% for cost overruns or changes that make during construction. Next, try lendingtree.com because there you fill out one set of information and lenders can compete for your loan. If you don't like that then check the mortgage rates that are printed in local newspapers. Then maybe go to some banks in person and see what they offer for rates and terms. If any deals seem too good to be true then they probably are. The loan principle will probably be paid to you in one lump sum but the expenses for building a home will be spread out over months before it is completed so you will want to put the money into a high yield account like a 3% or more so that at least you could make a little bit back on whatever you haven't spent so far. We shopped around and ended up using ditech.com through their online interface when we refinanced and it has been fine. Research all you can so you know what you are getting into and what the terms mean. Don't be afraid to ask the lender any questions at all or to explain anything, they give loans based on you credit score which has nothing to do with what questions you ask. If they can't or won't answer your questions then stop and go somewhere else. Lenders are dying to get loans, that is their business just like walmart sells merchandise they loan money.
MBA classes and personal experience