Construction Loans in West Michigan
When looking for a new home, finding the perfect house that checks all your must-have boxes can become a drawn-out process. With a construction loan from Community West Credit Union, you don’t have to sacrifice your dream kitchen, closet, or man cave!
What is a Construction Loan?
A construction loan allows you to borrow money to build a house. Depending on your budget, the loan can cover most or all building costs, including building materials, contractor labor, land costs, and necessary permits. When construction is complete, the loan converts to a fixed-rate mortgage. Since the construction loan converts into your mortgage, you’ll only have to go through one closing process—meaning less stress and fewer fees!
Once construction is complete, the loan becomes a fixed-rate mortgage, with terms up to 30 years.
Construction Loan Benefits:
- Combine construction and permanent mortgage into one loan
- One closing—saving time and money
- Pay interest only during the construction period
- No escrow account needed during construction
- Local underwriting and draw requests
- Fixed rates with flexible terms
- Utilize previously purchased land for equity or a down payment
Apply for a Construction Loan Today!
Interested in building your dream home? Look no further than Community West Credit Union as your finance solution. Before breaking ground, give us a call to set an appointment at your local branch with one of our Mortgage experts. With more than 50 years of experience serving communities throughout West Michigan, you can trust that Community West will guide you through the whole process every step of the way.