Construction & Land Loans: Rates & Loan Process

Construction loan, land loan, lot loan – lots of options here and lots of experience too. Sure feels good to work with someone who knows this process in and out and can help you think it through. We can't wait to hear your plans!

Build out that blueprint exactly the way you imagined — hello, perfect home!
Secure the corner lot that will turn into so much more.
Purchase your own piece of land for recreational purposes.

Let’s talk about the best option for you. Whichever loan you choose, you’ll also have someone dedicated to making sure your builder is paid on time to keep your home on track.

Get your new home off the ground with a typical down payment of just 10% and the ability to lock in a competitive rate for up to 15 years.

Explore if:

You want to keep payments low while you’re building your home, with interest-only payments during the first 12 months of construction.
You want the ease and cost savings of ONE closing for your construction loan and your post-construction mortgage – a unique Summit advantage!

Choose any Summit Adjustable-Rate Mortgage (ARM) for your loan, then enjoy a 2% rate discount (and all the savings that go with it) during your 12-month draw period.

This refers to the time that your house is being built. Payments are made to your builder as they make progress on your home.

With Lock and Build, you don’t close on your loan (or make any mortgage payments) until construction’s complete. Just sit back and enjoy watching your home take shape! Plus, get the chance to lock in a rate on any of our Adjustable-Rate Mortgages (ARMs) up to 180 days before closing – that’s more rate peace of mind than on most mortgage loans.

You can always switch to a Fixed-Rate Mortgage or other option 45 days before you close, letting you take advantage of any rate changes for the better at no extra charge!

Explore if:

You enjoy knowing early on what your payments will be – no rate-jump surprises months later when your home’s finally built to completion.
You want to build with as little as 3% down.

Use your current home’s equity to fund a down payment on a new home.

Explore if:

You don’t want to worry about having to sell your home before buying your next home.

This Adjustable-Rate Mortgage Lot Loan helps you secure that perfect spot for your future home, up to 10 acres.

Explore if:

You want to keep monthly payments low while you’re planning out the construction of your home.

Get ready to start hunting, exploring or just enjoying a bit of privacy with your Adjustable-Rate Mortgage Land Loan.

Explore if:

You want to buy a plot of land, up to 125 acres.

Learn How to Make It Happen

Wherever you’re at in your mortgage journey, reach out! We’re here to talk through your goals and questions and offer guidance so you can move forward, stress-free. We make it easy to connect with us: