Building a Home
Build your dream home with a CMCU construction loan.
CMCU offers a construction-to-permanent loan (one-time-close construction loan). This is a single-closing transaction used for construction or remodeling your home or other structures. Money is advanced as needed; therefore, interest is only paid on the amount advanced.
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Complete the online application in under 10 minutes (on average) to get prequalified. Once you submit your application, you will be contacted by the local mortgage lender with your qualified loan amount. When you're ready, your lender will walk you through the entire mortgage process and make sure you're comfortable with the perfect mortgage loan for you and your lifestyle.
Perks of a CMCU Construction Loan
Home Construction Loan Stages
Getting prequalified starts with completing an application online, in person at a CMCU branch, or over the phone. Because the construction process is more complex, it may be a good idea to meet with your lender.
Your application will include questions about basic personal information, current debt, monthly payments, and employment history. First, your lender will prequalify you for an estimated mortgage loan amount. You can use this prequalification information when finding the land and finalizing your house details. It will be easier to work with a realtor, builder, and finalize your loan application when ready. Your lender will go over terms, conditions, and the overall process of the construction loan.
Finalize the Loan
Your mortgage lender will inform you of the income documents needed; typically, it is 2 years of W2 documents, current paystub, and 2 months worth of bank statements. Upon a completed application, your lender will pull your credit score to review your credit-worthiness and calculate your debt-to-income ratio. Your lender will help you finalize the details of your construction to permanent loan. You have the option to lock in a low fixed rate for your permanent financing at this stage. Interest-only payments are made during the construction period, which can be up to 12 months.
Building your Home
A draw schedule is agreed upon by you, the builder, and the lender. This ensures funds will be available during each phase of construction. When your builder requests a draw, the lender will review it with you and ensure funds are advanced. As you get closer to the completion of the building process, you’ll want to stay in touch with your lender to watch current mortgage rates. Your lender may want to lock you into an interest rate 30-60 days before completion of the build. Upon completion of the home, the appraiser will perform a final inspection to confirm the home has been built per plans and specs.
The final inspection is back and confirmed per the blueprints and estimates. Now the project is complete. Your lender will work with the contractor and title company to ensure all bills have been paid. Everyone who provided any materials or labor on the project is paid in full. Now the loan will be converted to a permanent loan with a typical fixed rate.
Please note, while you are undergoing the mortgage loan process, you should check with your mortgage lender before opening any other loans at the same time.
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Check out some of the mortgage loan options available with CMCU:
Please note, while you are undergoing the mortgage loan process, it is best that you check with your mortgage lender before opening any other loans at the same time.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.
We may also ask to see your driver’s license or other identifying documents.