Nothing's without its risks, but major construction projects carry more than most. Before you embark on this adventure, make sure you, your loved ones and your property is protected.
Sometimes the right home for you hasn't been built yet. When you're looking to turn hopes and dreams into brick and mortar, our construction loans can cover materials, labor, and each phase of the project as it comes together.
Construction loans are great for:
Bring in your plans for review, including your builder's information, budget and timeline.
Your loan is released as each construction phase is completed and signed off.
Once the home is finished and you're all moved in, the loan converts to a more traditional mortgage.
Explore answers to common questions from homebuilders like you, so you can move forward with confidence.
Yes. We’ll want to review your builder, plans, and cost estimates as part of the approval process.
Yes. We’re in the lending game, not the construction game. You find the right construction partner, and we’ll be your trusted financing partner.
Construction loans are paid out in stages, called “draws”, as your home is built. Instead of receiving the full loan upfront, funds are released after each phase of construction is completed and verified.
You typically pay interest only on the amount that has been disbursed. Once the home is finished, the loan converts into a permanent mortgage with regular payments.
Building a house from scratch is full of suprises—don’t let your mortgage payments be one of them. Once construction is complete, you’ll convert your loan into a permanent mortgage and those different loan types can change your long-term cost. Take a look at our mortgages now to get in the know.
