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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).
  • 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’ll enjoy interest-only payments on your loan for the first 12 months of construction.
  • At Summit, your construction loan automatically transitions into a permanent Adjustable-Rate Mortgage (ARM) loan, and your payments reflect the interest rate at the time of your original loan application. With just one closing for your construction-to-permanent mortgage loan, you only pay closing costs once – saving you both time and money!

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 the following from your builder:
  • Project plans and specifications
  • Construction contract
  • Construction cost breakdown
For any other questions about construction loans, talk with a .
No worries about missing out on a lower ARM rate after you’ve locked in – you could have the flexibility to switch to that lower rate (and lower payments) for just $300! Here’s how this unique Summit rate modification may come into play:Before Closing
For example, if you lock in your ARM rate way ahead of your closing and then rates go down right before you close on your home.After Closing
A great option if rates go down in the future and you want to switch to one you love more – anytime up to one year before your first rate adjustment on your Summit ARM. For example: You could modify your rate within the first 9 years of your 10/1 ARM, or within the first 6 years of your 7/1 ARM. Wherever you’re at in your mortgage journey, reach out! We’re here to talk through your goals and questions and offer guidance so you can move forward, stress-free. We make it easy to connect with us: Over 40 Mortgage Loan Officers In-person, video or phone 800-236-5560
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* The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2023, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 ** SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2024. Copyright 2025 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA