Construction Loans, Built Around You
Building a home is one of life’s biggest milestones. Waypoint’s construction loans fund the build, then convert to your permanent mortgage, with one closing and local decisions.
What Is a Construction Loan?
A construction loan funds the building of your home in stages as work is completed, then converts into a permanent mortgage once construction wraps up. Waypoint handles disbursements in house and closes the loan once, rather than twice, which can simplify the process and reduce closing costs.
What You Should Know
Purchase or Refinance
Use a construction loan whether you are buying land and building new, or refinancing a build already underway.
One-Time Closing
Close once at the start of your project. Your loan converts to a permanent mortgage once building is complete.
Interest-Only During the Build
Pay interest only on funds disbursed during construction, before permanent mortgage payments begin.
In-House Disbursements
Waypoint manages construction draws locally, so builders are not waiting on a third party for funds.
A Connecticut Lender
Waypoint originates construction loans right here in Connecticut, with a local team throughout your build.
Pairs With Land Loans
Building on land you still need to buy? Ask about pairing a construction loan with a Waypoint land loan.
What You’ll Need to Get Started
Construction loans involve more moving pieces than a standard mortgage. A Waypoint lending team member will walk you through the full list, but here is what most builds require.
- A licensed builder and a detailed construction contract
- Building plans and a projected draw schedule
- Proof of land ownership or a signed purchase agreement
- Standard mortgage documentation, including income and credit
Frequently Asked Questions
No. Waypoint’s construction loans use a one-time closing that converts to your permanent mortgage once building is complete, so you are not paying two sets of closing costs.
Waypoint manages disbursements in house as your builder completes each stage of work, rather than routing them through a third-party servicer.
You pay interest only on the funds disbursed so far during the construction phase. Once your home is complete and the loan converts to a permanent mortgage, standard principal and interest payments begin.
In some cases, yes. Talk to a Waypoint lending team member about refinancing a construction project that is already underway.
Building Something? Let’s Talk Financing.
Groundbreaking to move-in day. One closing. One local team.
Whether you are buying land and starting from scratch or refinancing a build in progress, a Waypoint lending team member can walk you through financing before you break ground.
Important Disclosures
Equal Housing Lender. NMLS #404962.