You should try to obtain three written bids, if possible, and compare them. Please refer to choosing a Contractor for Your Home Modification for suggestions on how to choose a contractor. Way Finders will review the proposed scope of work to determine what modifications are eligible.
Once you have decided which contractor you wish to work with, you should make sure you have a sufficient written agreement or contract. You should send a copy of the contract to Way Finders.
Once we have received all of the documentation required in your application package, we will draw up the loan documents. The loan amount will be for the cost of the eligible modifications and any recording fees, up to a maximum of $30,000. Way Finders would send the mortgage to be recorded at a Registry of Deeds/Registry District of the Land Court.
Once the mortgage is recorded, Way Finders will be able to request funds from its funding source, CEDAC. Please be aware that CEDAC only cuts checks every other week. Once we have received the loan funds from CEDAC, we may disburse them as anticipated by the agreed upon loan disbursement schedule attached to your Loan Agreement. Please note that it can take up to 4 - 6 weeks until the first disbursement can be made.