OnPath Credit Union
Finance Your Dream Home With a New Construction Loan
Building or remodeling your home can be a golden opportunity; you get to customize features and create your dream house. However, you’ll likely need financing to pay for its construction, which a traditional mortgage won’t cover. Fortunately, you can get the funding you need with a renovation, land, or new construction loan from OnPath Federal Credit Union. Apply securely online today!
What Does a Construction Loan Cover?
A lot goes into making a house a home: framing, roofing, plumbing, and even landscaping. Additionally, if you don’t own land already, you’ll need to purchase some to build on. So what exactly do construction loans cover? We offer three different types of financing so you can find the option that best fits your needs.
As the name implies, new construction loans are for the purpose of building a house from the ground up. You can use these funds for a variety of expenses:
- Contractor labor
- Interior finishing costs
- Fees and permits
This type of financing is short-term, typically lasting a year. In the end, you can usually refinance the remaining principal into a traditional mortgage.
If you already own property and want to make improvements on it, you can access your home’s equity with a renovation loan. Instead of getting a lump sum as you would with a mortgage, this type of financing is usually structured differently, which allows you to access funds.
Before you can start building a house, you need land. OnPath Federal Credit Union can lend you the funds to both purchase the perfect lot and construct your house. OnPath FCU’s specialty is lot land that is ready for residential construction. This type of land is usually part of residential development and already has the infrastructure in place, like utilities and roads.
What Are the Benefits?
Partnering with OnPath Federal Credit Union offers several benefits:
- Competitive construction loan rates
- Quick decision making
- Easy pre-qualification
- Expedited mortgage process
By choosing to build your own home, you get to delegate funds where you see fit. That means more control over quality.
Why Choose Us?
You need a reliable lender that values its customers. At OnPath Federal Credit Union, we’re proud to provide exceptional service to our members. To speak with one of our financial professionals, give us a call at 800-749-6193