New Construction Loans
The home of your dreams is around the corner and you’re in control. You already know the style of home you want to build, but have you selected the right lender? Choose a Mortgage Lender who will get excited with you and walk side by side with you through the process of building your new home!
Many people enjoy the smell of cut wood. The sound of power tools is like music to their ears. Those talented individuals in the construction trade are impressive. The skill of these craftsmen is amazing. From carpenters to painters and all the rest, there are a lot of experts needed to build a new home. There is something very special in moving your belongings into a new home, knowing that you are the first person to live there. In order to build a new home, it is obvious these craftsmen must be paid for their services. Because the home is not yet built and has no equity, a home loan isn’t an available option. Fortunately, construction loans in Waite Park, MN can provide the cash needed to build. Those loans can often then be refinanced as a home loan when the house is complete.
Building a new home of your own is an excellent option; however, there are many considerations when choosing a construction loan. It’s helpful to speak with a qualified and experienced lender early on in the process to help walk through your options and help guide you through the decisions that must be made. Plaza Park Bank knows construction loans, and we provide the experience needed to assist you in finding the right construction loan to meet your unique needs.
How Construction Loans in Waite Park, MN Work
Construction loans are typically short term loans on a schedule that pay builders on a schedule that aligns with your construction. There are timelines that provide payment to the various contractors as the home is being built. In many cases, the borrower makes interest only payments while construction is taking place. When the home is finished and you move in, the construction loan can be refinanced as a home loan. Construction loans are a great option for the building of a new structure; however, they can also be used for construction done on an existing property, and can even include the purchase of land. It’s important to note that construction loans are not needed if the home is being built by a developer who is financing construction.
The Home of Your Dreams with a Construction Loan in Waite Park, MN
Construction loans provide the opportunity to create the home of your dreams that is perfectly customized to your needs and desires. Whether you love modern lines and style or classic beauty, construction loans offer the ability to fully demonstrate your personal tastes. Building a new home is very exciting, and also very rewarding when you are able to settle in and enjoy it.
Why Choose Plaza Park Bank for Construction Loans in Waite Park, MN
Plaza Park Bank has been helping the Central Minnesota community build their dream homes since 1910. We are passionate about continuing our tradition of providing personal service from our experienced and caring family of banking professionals. Our bank is family owned and operated and we truly believe that we must develop relationships with those who bank with us. Our core values include a team focused strategy that ensures with Plaza Park Bank, you can expect the very best. We understand that you have questions and look forward to answering them to meet all your home construction needs.
Contact Us Today For Answers to Your Loan Questions
We Love Our Clients!
(All quotes taken from recent follow up surveys with our mortgage clients)
They were willing to come in during non-standard bank hours-it helped considerably since we live an hour away. If they didn’t know an answer, they got back to us ASAP. I also think they are approachable, funny and very straight forward without being tactless. My husband can be hard to please-he’s a stickler for detail-and they did a great job with him-and that’s not easy! 🙂
They were very professional, knowledgeable & pleasant to work with. They responded to our questions quickly & accurately; we knew we could trust them and that there would be no “surprises” or issues at close.
Overall the mortgage process can be quite complicated but they did a great job helping us navigate the process and it all came together in the end.