CONSTRUCTION LOANS
Build your dream home. We’ll help.
Let’s build your dream home.
Skip the legwork and build an affordable home instead. Work with a local bank that offers competitively low rates and a quick, simple draw schedule for every stage of the build.
COMPETITIVE RATES
On new home mortgage loans
CONSTRUCTION DRAWS
Applied in stages based on work completed
APPLY ONCE
and pay interest* only on the funds you draw
FLEXIBLE TERMS
For primary residence or second home construction
LOCAL DECISIONS
And processing from start to finish
EASY CONVERSION
From construction to mortgage loan
*Interest may be tax-deductible.
Why build vs. buy?
What if you do the legwork but don’t find the right home? Building has benefits, including more control, more energy-efficiency and less competition. A construction loan is short-term financing – typically one year – that covers the costs of building a house, from land to plans, permits, labor and materials. Once the build ends and you receive a certificate of occupancy, the construction loan converts to a mortgage.
HOW A CONSTRUCTION LOAN WORKS
Construction loans differ from mortgages in four ways:
- Runs for one year from construction start to certificate of occupancy
- Lender releases funds in stages timed with major milestones like framing or siding
- Borrower makes only interest payments during construction on funds drawn to date
- Loan converts/refinances to a traditional mortgage once the build ends
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