Construction-to-Permanent Loan

Your One-Stop Shop for Building A Home

If you're looking to build your dream home, our Construction-to-Permanent loan is the product for you. This unique financing option begins as a construction loan that allows you to build your home from scratch, then converts to a traditional mortgage once construction is complete. This loan does require that you use a builder, rather than serve as your own general contractor.

The best thing about this loan is that it features one-time closing, meaning there's no need to re-qualify for long-term financing and your permanent rate is locked in before construction even starts. After you've identified your builder, you'll make interest-only payments and disbursements will be made to the builder based on a pre-determined schedule to cover the cost of the build. When construction is complete, the loan converts to your traditional mortgage with scheduled monthly payments of principal and interest plus escrows, if applicable.

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Loan Benefits

Lock In Your Rate from Day One

Know your mortgage rate before you break ground, saving you from surprises down the road.

Save Time and Money

One-time closing means there's only one set of closing costs and one set of documents to sign.

Flexibility in Financing

Everyone's situation is different. Choose between a fixed or adjustable rate mortgage loan.

Interest-Only Payments

Don't worry about making full payments until construction on your new home is complete.

Homebuilding Resources

Empower Blog: Homebuilding 101

What to know (and do) if you're considering building a new home.

Learn More

Empower Blog: What's in a Mortgage?

The three key financial aspects of a mortgage.

Read On

Mortgage Affordability

Determine how much of a mortgage you may be able to obtain.

Do the Math

Mortgage Payment

Do the math to find out your potential monthly mortgage payment.

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picture of front of a house from the outside

Homeowners Insurance

Make sure your home sweet home is covered.

Revisiting your mortgage rate is also a great time to review your homeowners insurance policy to make sure your home, and everything in it, is well protected. Our friendly, local Insurance Agents are here to help you find the right coverage for the right price. It’s quick and easy to get a free quote online, or get in touch if you’d like a more customized plan.²

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Construction-to-Permanent Loan FAQs

With our one-time-close Construction-to-Permanent loan, we’ve combined the process of financing the construction of your home, with the purchasing of it. Once you’ve identified your builder and finalized the plans for your home, we’ll work with you to determine the amount of money you need to build the home, your interest rate and monthly payment amounts, both while the home is being built (interest-only payments), and once it’s completed. While your home is being constructed, we’ll send payments directly to your builder on a regular, pre-determined schedule. When construction is complete, we’ll automatically convert your construction loan into a permanent mortgage.

Oftentimes, building a home means you have to take out two loans – one to pay for the construction of your home, and the second to purchase it from the builder. Two loans means two approval processes, two sets of closing costs and twice the potential for headaches. Our one-time close Construction-to-Permanent loan streamlines the process by combining the loans for building and purchasing into one single loan. The best part? You lock in your rate and plan for ALL closing costs before you even break ground.

We always recommend applying for pre-approval when you decide you’re ready to purchase – or build – a new home. Building a home is a special process, and we’ve got a special team in place to help you through it. If you have questions or would like help with any part of your home-building journey, give us a call at 913.905.3799 or visit one of our convenient branch locations.

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