What is a Construction Loan?
Homes aren’t one-size-fits-all. You need a house with enough room for your family, hobbies, and pets. But what if you can’t find a home on the market that meets those needs? Building a new home with the help of a construction loan could be your answer.
You have complete control when you choose to build a custom home. From the start, you pick the location, builder, materials, and financing. Here's what you need to know about getting started.
What does a construction loan cover?
You may be thinking of all the different aspects of building a new home—including the land, labor, materials, permitting, and more. In short, construction loans cover the majority of your costs.
Our construction loan program simplifies the process. When you take out a construction loan with Western State Bank, your loan pays for every aspect of the build.
Is building better than buying?
Your home can be one of the biggest financial decisions you make in your life, so it’s important to consider all your options. Building a custom home or buying one from the market are both great options, but you need to consider your personal situation to decide what’s right for you.
In general, here are the advantages of each:
Benefits of buying your home:
- Ready for move-in right away
- Generally less expensive than building
- Easier process
Benefits of building your home:
- Complete customization
- More modern and efficient materials
- Less competition
- Know your home’s history
Check out our article about comparing building or buying and which might be the right choice for you.
How do I get started?
That’s the easy part! We’ve got experts and materials to help you with the process. Just reach out to one of our Construction Loan experts, and they’ll point you in the right direction.