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.

Let's get started!

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.

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Building their dream home.
Extended Interest Rate Lock Periods! For a limited time, CMCU is offering options for an extended interest rate lock period of up to 240 days. Talk to your mortgage lender about your options and for more information.

Perks of a CMCU Construction Loan

We're Local

Local lenders, underwriters, and processors mean that we can relate to your local values. Local knowledge and expertise help speed up the processing to get to closing faster. Plus, a vast majority of our loans stay in-house instead of being sold off.

Loan Options

CMCU offers many different types of mortgage loans. From traditional 30-year fixed-rate loans to various government programs like Rural Development or VA loans, we'll be sure to set you up with the right mortgage that fits your needs.

Rates & Fees

CMCU has very competitive rates and fees compared to other local and big banks. Plus, we'll be sure you're comfortable with your mortgage program and monthly payment.

Digital Experience

Your mortgage loan can be connected to your current CMCU digital banking account so you can view all your accounts in a single place. You can also schedule and pay your mortgage payments to save on stamps and envelopes!

Home Construction Loan Stages

Get Prequalified

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.


Project Completion

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.

Mortgage Loan Calculator

Estimate monthly payments and total interest paid on any fixed-rate mortgage loan.

Loan Amount:
Annual Interest Rate:
Loan term:
Annual Real EstateTaxes:
Annual Homeowners Insurance:
Monthly Private Mortgage Insurance:
Monthly Principal and Interest Payment:
Monthly Tax, Insurance and PMI payment:
Total Monthly Payment:

*Calculator provides general estimations only. Inconsistencies may occur with the use of the calculator and the outcomes are not credit guarantees. For specific payment and interest information, please contact us.

Calculating mortgage payment


A general recommendation is to have 20% of the mortgage loan as a down payment.

Apply for a mortgage loan today!

We’re ready to help finance your home so you can enjoy bigger, better savings.

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Mortgage Programs

Check out some of the mortgage loan options available with CMCU:


Traditional mortgage loans with fixed rates throughout the term of the loan.


Mortgage Loans with variable interest rates which may fluctuate payments.


Learn more about purchasing your first home and your options available.


Get a land loan to purchase a piece of property for construction or recreational use.


A program available through USDA to boost rural communities and offer appealing mortgage loans to buyers.


Funds are available from the Federal Housing Administration to low-moderate income families.


A program for credit-worthy low-to-moderate income borrowers or homes in low-income communities.


A VA loan helps provide home financing for eligible Servicemembers, Veterans, and surviving spouses.


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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.


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.

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