Home Building Basics
If you choose to build your dream home rather than buying an existing home, Countybank Mortgage can provide construction or construction-permanent financing tailored to your construction specifications.
What is a Construction Loan?
A construction loan provides short-term financing during the construction period with the convenience of a single close process, modifying into a permanent fixed-rate after construction is complete. Financing is allowed at 90% of the construction cost or home value with terms up to 12 months.
Benefits to Building Your Own Home
- Customize your own primary or second home
- Purchase your lot or pay it off with a construction loan
- Select your own builder (must meet bank qualifications)
- Pay interest only during construction
- Draws to builder are monitored by the bank with regular inspections