You have a dream - we want to help make it happen.
Building Your Dream Home, Let Us Help
Construction loans are short-term, interim loans used for new home construction. The contractor receives disbursements as work progresses. Contact a Crow Wing Power Credit Union Lender to learn more about construction loans and to discuss current construction loan rates.
Find a builder
Once you settle on getting a home construction loan or using your home equity to build a new home, there are several ways to find a quality home builder in your area:
- Contact your local chapter of the National Association of Home Builders.
- Get referrals from friends and family and from real estate agents who specialize in new home construction.
Check credentials before hiring
Hiring a builder is like hiring any other type of professional. Consider the following when interviewing builders for your project.
Does the builder:
- Have proven experience in building the type of residence you want?
- Meet state licensure and insurance requirements?
- Have a solid reputation in the community, including a good rating with the Better Business Bureau and excellent references from past clients, suppliers and local banks?
- Have a permanent business address?
Is the builder:
- The recipient of industry awards?
- Involved in professional associations?
Contact the state or county to verify there is no history of legal proceedings against the builder and that no legal proceedings are pending.
Construction Loan Rate and Terms
- 6.75% APR
- Interest-only payments on the amount you draw while you build
- Construction time is as short as 6 months to up to 12 months
- Construction loan and mortgage services all in one place, so you can easily transition to your new mortgage
* Actual rate may be higher based on the applicant's credit score. Annual Percentage Rate (APR)
Rates and terms are subject to change without notice. Rates are for informational purposes only. Not all borrowers will qualify for all rates.
For more information, give us a call