CONSTRUCTION & BUILDING LOANS Handling the financial side of building a new home can be challenging, but it doesn’t have to be. Core Bank is here to help you through the financial obstacles of home construction so you can focus on building your dream home! Helping You Build Your New Home Our team of loan professionals is here to help you every step of the way as you navigate the ups and downs of new home building. With the right construction and lot loan, you’ll be able to cover the cost of the land, contractor labor, building materials, and permits, as well as contingency costs that come up during construction. Let us walk you through understanding how different personal building loans work, different interest rates, loan requirements, and more! CONSTRUCTION & BUILDING LOAN OPTIONS Whether you’re getting ready to build a new home or you’re just looking to secure the land necessary to build, Core Bank’s construction and building loan options can help you do both! Learn more about our different loan options today. HOME CONSTRUCTION LOAN OPTIONS CONSTRUCTION-ONLY LOANS Construction-only loans cover the costs necessary to complete the building of the property, but the borrower is responsible for paying the loan in full at maturity or obtaining a mortgage. RENOVATION LOANS When home buyers prefer to update an existing building rather than build a new one, renovation loans help them secure the necessary funds. LOT LOANS Lot loans are money given to a borrower to purchase a primary or secondary residence. The money from a land lot loan is used to finance the purchase of the land that the borrower will build on. The land being purchased with a lot loan must be suitable for residential development. WHY NEW HOME CONSTRUCTION LOANS ARE IMPORTANT Building or restoring a home is a significant commitment that requires a good amount of time and money. Construction loans help borrowers cover the cost of the land, contractor labor, building materials, and permits. They can also include a contingency reserve to cover unexpected costs that might arise during construction. These costs add up and can be difficult for the buyer to afford alone. Construction loans help buyers overcome financial obstacles to build the home of their dreams. HOW TO GET A RESIDENTIAL CONSTRUCTION LOAN Get in touch with a loan officer at Core Bank and we’ll help you through the application process. You will need to provide your basic debt, income, and asset information, as well as a signed construction or purchase contract with your builder or developer. This contract must detail the contract amount and construction start date and completion date. OUR TEAM Building Loan FAQs WHAT IS LOT LAND? WHAT ARE THE FINANCING OPTIONS FOR A LOT LOAN? HOW MUCH MONEY MUST BE PUT DOWN FOR A LOT LOAN? WHY DO CONSTRUCTION LOANS HAVE HIGHER INTEREST RATES THAN TRADITIONAL MORTGAGE LOANS? HOW LONG DO CONSTRUCTION LOANS LAST? WHY DO CONSTRUCTION LOANS HAVE VARIABLE RATES? WHAT’S THE DIFFERENCE BETWEEN CONSTRUCTION LOANS AND OWNER-BUILDER CONSTRUCTION LOANS? GET PRE-QUALIFIED Ready to apply for a loan from Core Bank? Get pre-qualified now! Simplify the entire loan process online, without having to stop into a local Core Bank Branch. START NOW CONTACT CORE BANK Ready to get started building your dream home? Talk to one of our friendly loan professionals at Core Bank today, and we’ll get you started with the construction or lot loan that’s right for you! CONTACT US APPLY NOW Don’t wait until tomorrow to apply for the loan you need today. Get started on the application process now! APPLY TODAY APPROVED TO OFFER SBA LOAN PRODUCTS UNDER SBA’S APPROVED LENDER PROGRAM. Twitter Facebook Instagram LinkedIn Google Plus © 2021 Core Bank. All Rights Reserved. NMLS# 401393 ATM Locator Privacy Disclosure Security Statement Cybersecurity US Patriot Act Sitemap We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok