Construction Loans
Want to finance the build of your dream home? A construction loan can get you there! This loan covers the costs of the project before obtaining long term funding. Typically these loans have higher interest rates than conventional loans, but we will work with you to find the absolute lowest rates available for you.
Construction Home Loans
Building a new home is a big process. Loan Allies simplifies your build by assisting you with making informed decisions about your construction loan. We offer our construction loan products at competitive rates, and we’ll be there for you every step of the way as you work through the financing process.
Benefits of Financing a Custom Build
- Customization – When you undertake a new build, you’ll have the option to design a home that’s truly to your unique taste. Whether you want more space, a home theater, or that closet of your dreams, doing a custom build can get you where you want to be.
- Modern Style and Safety – Today’s homes are built with our modern lifestyle in mind. They are also equipped with state of the art safety equipment, like high tech smoke alarms and home protection systems.
- Builder Financing Incentives – Home builders offer incentives to secure your business. They may offer free upgrades or financial perks like paying closing costs.
- Green Building – Most new homes are built with an eco-friendly approach. Builders know their buyers are concerned with minimizing their environmental footprint, so their designs take this into account.
- Options – Loans available for new builds, custom builds, partial custom builds, modular homes, and condominiums.
Things to Be Aware Of
- Lengthier Closing Times – New builds usually have longer waits between contract signing and move-in day.
- Construction Documentation – Custom home builds usually require more types of verifications and inspections, which can make the loan process a bit more complex.
Lock-In Interest Rates
While Building Your New Home
Loan Allies offers an extended rate lock program that allows you to lock in your interest rate while your new home is being built. This loan lock program is available on government conventional conforming and non-conforming, fixed and adjustable-rate loans.
• 5 to 12 months on conforming government and conventional loans
• 5 to 24 months on jumbo loans
Benefits of Loan Lock
- If market interest rates increase, your locked in rate is protected.
- If market interest rates decrease, you may have the option for a one-time adjustment.
- Within 60 days of closing, you may have the option to switch to another eligible product.
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