Wolverine Construction Mortgage
Wolverine State Credit Union is pleased to offer a single-close construction loan product to help you finance the building of a new home or renovations to your current home.
A single-close construction loan covers the financing for the construction phase and includes the long-term financing after the construction phase is complete, all in one transaction. Meaning, this type of loan only has one closing, one set of closing costs, and the loan terms including the interest rate remain the same throughout the life of the loan.
Benefits of Wolverine Construction Mortgage:
- Renovate your existing home
- Build the home of your dreams from the ground up!
- Pre-qualifications and pre-approvals available
- Secure and convenient online application
- Experienced mortgage team
Wolverine Construction Mortgage FAQ’s
How long is my construction phase?
Your construction phase, or length of time allowed for your build period is 18-months.
Do we have to own the lot free and clear?
No. If you do not own the lot free and clear when applying for the single-close construction loan, Wolverine State Credit Union will pay the lot off at closing.
When will my construction loan payments be due?
During the construction phase, interest-only payments are due on the 1st of each month. The interest-only payments are calculated by using the amount that has been disbursed from the loan and the interest rate. After the construction phase, principal and interest payments resume on the 1st of each month.
Can I act as my own general contractor/builder?
Wolverine State Credit Union will not allow a homeowner to be their own general contractor/builder. You must choose a licensed general contractor/builder.
Can I have an escrow?
Wolverine State Credit Union does not allow escrow for property taxes and homeowner’s insurance during the construction phase. You will be required to pay property taxes and homeowner’s insurance premiums as they come due. After the construction phase is completed, you may inquire about adding escrow to your loan.