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Start Building With The Right Construction Loan

With a construction, lot or land loan, you have the options you need to turn your dream into the real thing. 

  • Build out that blueprint exactly the way you imagined – hello, perfect home
  • Secure the corner lot that will turn into so much more
  • Purchase your own piece of land for recreational purposes

Construction Loans

For when you're building your home. You can start the process and make progress on your plans with:

  • A typical down payment of just 10%
  • A great, low rate
  • Just one closing for both the construction loan and your post-construction mortgage
  • Local service for the life of the loan

How they work

There are two components to a construction loan – the time during construction (also known as the draw period) and the time after construction (the permanent mortgage loan period). Here's how it all works. 

During Construction

  • As work is completed, and when you agree a contractor should be paid, we'll release the funds to the title company to pay your contractor
  • You're only responsible for interest payments on your loan at this time

After Construction

  • Your construction loan transitions into a permanent mortgage loan (your payments will reflect the interest rate at the time of your original loan application)
  • It will automatically be a Summit adjustable-rate mortgage (ARM) loan, but if you prefer, you can opt to apply for a fixed-rate mortgage loan

Special documentation and approvals

To make sure that you qualify for a construction loan, in addition to the paperwork and documents required for a typical mortgage, Summit will need to review and approve your builder and also get the following:

  • Project plans and specifications
  • Construction contract
  • Construction cost breakdown

For any other questions about the process, you can talk with a Summit Mortgage Loan Officer.

Lot Loans

For when you've found the perfect spot for your future home on up to 10 acres. You can get an adjustable-rate lot loan to keep monthly payments low while you're planning out the construction process.

Land Loans

For when you've found the ideal plot of land - up to 125 acres - for hunting, exploring or a bit of privacy. You can get a competitive adjustable-rate term to make it yours. 

 
Connect With A Mortgage Loan officer
 
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PROCEEDS FROM SALE OF A HOME

How much money the sale of your home will yield?
 

CALCULATE A LOAN PAYMENT

Enter the monthly payment you want and we’ll calculate your loan amount. Or, enter in the loan amount and we’ll tell you how much you’ll owe each month.