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How to Finance Building Your New Home

Building Your Dream Home?


You’ve decided to build a new home, that’s exciting! Your next step is to determine which type of construction loan will fit your needs best and help you finance building your new home: a construction-to-permanent loan or multiple loans.


Construction-to-Permanent Loan Vs. Multiple Loans for building

A construction-to-permanent loan is a one-time loan that offers cost-saving benefits and finances both the construction and permanent financing of a new home. Advantages of choosing this loan are:

  • One application
  • One closing
  • Sense of security
  • Locking in your rate

Most commonly, banks offer to finance for building a new home as two separate loans.

The first loan is for construction, in which you pay interest only on the amounts you have drawn during the construction stage. Also known as construction draws. This type of loan, typically less than a year in length, will have final payment due of the entire balance owed at completion, along with closing costs on your construction loan.

At maturity, you will need to apply and be approved for a permanent loan to refinance the construction loan. This loan may have a different interest rate and separate closing costs from the construction loan.

The benefits to having two separate loans is the flexibility to choose two separate loans that fit your needs. Compared to packaging them together.


Prevail Bank offers Construction Permanent Loan programs with one closing

Prevail Bank offers a variety of Construction Permanent Loan programs, which enable our customers to finance the construction of a new home. Our Permanent Construction Loan offers the convenience of a one-time application, approval, processing documentation, and loan closing covering both the Construction and the Permanent Mortgage loan. 

The construction term locks in your interest rate from the beginning of the construction loan application. After the construction is complete, the loan transitions to regular monthly payments. The benefits of a permanent construction loan are only having one set of closing costs and taking advantage of locking in an attractive interest rate at the beginning of the process.


Helpful documentation when considering a Construction Permanent Loan:

  • Building permit
  • Construction contract
  • Construction cost and estimates breakdown
  • Material specifications
  • Blueprints or plans


Additional Features

  • Low rates and low closing costs
  • Save time by applying online
  • Work directly with us for the duration of your loan
  • Construction loans can convert into end financing without additional closing costs

With a construction loan from Prevail Bank, you can get the financing you need to build your home exactly the way you want. Contact our lenders to learn more about how we can create a construction loan that will help you finance the home of your dreams.


Meet the Lenders

Bryan Wulk (NMLS# 285738)

*Serving our Wausau location

Bryan has been in the banking and mortgage lending industry for a combined 23 years, and has been a part of the Prevail Bank team for almost 3 years. Bryan is dedicated to both his career and to his community. He is an active member within his church, and has been a volunteer for our local Junior Achievement programs. Bryan states that “my absolute favorite thing about working here is helping people achieve their dreams. We offer a wide array of loan options, allowing customers the flexibility of products that will best suit their home lending needs.”'

Linda Susa (NMLS# 1021515)

*Serving our Owen location

Linda has been in the banking industry for 38 years, 20 of which she has spent being a mortgage lender. She has been a part of the Prevail Bank team for over 7 years, and is an active member within the Owen community. Linda is on the Owen-Withee Chamber of Commerce Board, the Clark County Community Foundation Board, and is the Treasurer for the town of Eaton, in Clark County. Linda has stated that “what I like most about my job is working with our customers, and making their financial dreams come true!”


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