Build A Home
Building the home of your dreams is exciting. The thought of creating a brand new space designed to your exact specifications – from the size of the rooms to the color of the walls – is thrilling. It’s yours in more than name; it’s a complete reflection of your preferences and personality. Yet, just as a solid foundation is important to any well-constructed house, financing is critical to the construction process as a whole. Here is the information you need to get started.
A lot loan allows you to purchase land before you start construction. Once you're ready to build, your lot loan can be financed as part of the construction loan. However, if you own the land already, you may be able to use your lot as equity for your construction loan.
One-Time Close Construction Financing
Save Time and Money
Construction loans typically start as an adjustable rate mortgage (ARM). Usually interest only loan payments are made during the construction period.
A title company will act as the disbursing agent to pay your builder through a construction escrow account. They work directly with us and your builder to ensure proper inspections, timely payments and a clear title is maintained.
Your builder will make several draws from the construction escrow account during the building process. A draw is a portion of the total cost owed to the builder at certain stages of the construction.
- A unique One-Time Close will help you save time and money. You'll enjoy the convenience of one loan, one application and one closing date. Subject to a loan conversion to a fixed rate loan.
- You may also be able to protect yourself in a rising rate environment, with an option to lock your long-term fixed rate financing up to six months before construction is complete. Subject to a loan conversion to a fixed rate loan.