Building Your Dreams
We realize the importance of your time, especially when you’re dealing with builders and contractors during construction who often require payment before your home is completed.
WCCU offers options that keep your budget in line and your construction schedule on time.
The construction loan is a 12-month interest-only loan. The interest rate is constant, or fixed, during construction. You make interest-only payments during construction based on the amount drawn. You can purchase the lot before, or at the same time of the construction loan closing. Once the home is 100% complete, we’ll refinance the construction loan into a permanent mortgage. Lot equity typically can be counted towards the down payment.
For more information about our competitive Construction Loans, contact any of our WCCU locations and we will be happy to assist you.