What Is A Construction Loan?
A construction loan is a short-term loan that covers only the costs of custom home building. This is different from a mortgage, and it’s considered specialty financing. Once the home is built, the prospective occupant must apply for a mortgage to pay for the completed home.
This type of loan is short-term and is usually issued for a year. It’s meant to cover only the actual construction period.
Construction-to-permanent loans are a financing option that prospective custom home builders can apply for. Like construction-only, construction-to-permanent financing are one-time loans that fund construction and then convert into a permanent mortgage. During the construction phase, borrowers make interest-only payments.
Apply Now For A Construction Loan!
Home is where dreams are made. Ready to apply for a Construction Loan? Use our easy loan calculato
r to estimate your monthly mortgage payment. Start your pre-qualification online
now, check our loan rates,
or Apply Now
to get started! To meet one-on-one with a lender, or apply in-person, visit any of our convenient locations
in Argyle, Beloit, Clinton, Elkhorn, Delavan, Darien, Walworth, Janesville, Monroe, and Williams Bay, WI and Winnebago, Roscoe, and Rockton, IL.