Ready to build the home of your dreams? Let the mortgage specialists at Heritage Bank help you navigate your construction to permanent finance options.

Preliminary Stages
Even if you don’t have much finalized, it’s a good idea to arrange financing as soon as possible.  Contact us if you would like a free mortgage pre-approval.  Or use our Mortgage Qualifier calculator to give yourself an estimate of how much house you can afford.

Step 1 – Application
Your plans are starting to come together.  You may have selected a builder or just want to purchase a lot to build your home on later? Either way, it’s time to apply online for a mortgage.  See our mortgage checklist for items you’ll need.

Step 2 – Approval
We’ll work with you to get both your construction and permanent loans approved.  Through this process, we’ll get plans and specifications from the builder so an appraisal can be ordered.  After we receive the appraisal along with a fully executed purchase contract or sworn construction statement, your loan package will be submitted for final approval.

Step 3 – Construction Closing
Upon approval, we can close on your construction loan.  As soon as we close, you can begin building.

Step 4 – Draw Process
Throughout the construction phase, you and your builder will typically request payment draws for completed work.  During the construction process, you will only be charged monthly interest payments on the amount of the loan advanced.

Step 5 – Lock Rate
Once the home is within 90 days of completion, you have the ability to lock the interest rate on the permanent loan.  Heritage Bank offers 45-, 60-, 75- and 90-day lock options.

Step 6 – Move In
When the home is complete, the appraiser performs a final inspection.  We then collect any additional information needed to convert the construction loan to permanent financing.  Once everything is finalized, you are ready to move into your new home.

Applying for a loan at Heritage Bank is easy!

To get started, Apply Now using our secure online application. Use our mortgage checklist as a guide to help you gather the items you’ll need.

If you have any questions or need help with your application, you can simply Contact Us by email or phone.