4 Things You Should Know About Construction Loans

Four Things You Should Know about Construction LoansBy Trisha McConkey, Associated Bank

Associated Bank is here to help you when you're ready to break ground on your custom with Hibbs Luxury Homes. With our interest-only construction loan options, your dream home will quickly become reality at an affordable rate.

How much out-of-pocket money is required to qualify for construction financing?

Our interest-only construction loans make it possible for you to build your home with as little as 5% down* and to roll lot purchase and construction financing all into one loan. Depending on what you qualify for, and what loan product you choose, your initial down payment may be the only expense you have apart from your monthly interest-only payments.

Do I have to sell my existing home in order to qualify?

Timing during any real estate transaction can be tricky, especially when the completion of your new home is dependent upon the sale of your existing home. From Bridge Loans to Interest-only construction loan programs, we'll help make the home building process as simple as possible.

Are mortgage rates on the rise?

With more than 19 years of experience in the banking industry, I have truly seen mortgage rates rise and fall at every turn. Mortgage rates are often in flux. Contact me for a quote specific to your needs at (314) 686-2835.

Want to hear the latest news on construction lending? Listen to Trisha's and Kim discuss construction lending in 2024 on this bonus episode of our podcast, The Art of Custom - LISTEN NOW

What options are available to finance my new home construction?

Our variety of construction loan options make building your custom home a manageable reality with options that offer:

    • Standard construction loan amounts up to $1,500,000; up to $3,000,000 for Private Banking relationships
    • Interest-only payments during the construction period withdraw periods of 9, 12 or 18 months and a timely draw process
    • No or low closing cost options available* with a one-time closing
    • Various adjustable rate mortgage (ARM) program options available: 1/1, 2/1, 3/1, 5/1, 7/1 or 10/1
    • Financing available for single family primary homes, second homes and more
    • Local servicing during and after the construction loan process

If you're interested in applying for a new home construction loan, all you have to do is answer a few simple questions about yourself, your property and your income, debts and assets. I'm happy to answer any questions you may have at any time.

Trisha McConkey Associated BankTrisha McConkey

Associated Bank
(314) 686-2835
[email protected]