Construction Loans
Construction Loans
Building a home means spending a lot of time paying attention to the details, from blueprints to paint and everything in between. Luckily, choosing the loan that will finance your new home isn’t as complicated. Altabank’s experienced lenders will guide you through the financial side of the building process. We help keep your contractors moving with simple, fast, free draws so that you can get into your dream home on schedule.
Altabank’s consumer construction loans offer some of the most competitive rates available. You can save even more with a waived origination fee on your mortgage loan, a saved value of up to 1% of your mortgage loan, when you bundle your long-term financing with your construction loan.*
Building a House?
Bring your construction loan and mortgage together.
Get your construction loan and mortgage from Altabank and up to half of your loan origination fee can be credited towards your mortgage
Benefits of a single lender
Lower your closing costs
Lower your mortgage interest rate*
Coordinate closing dates
Single appraisal (available for mortgages of $1M and above)
Receive funds more quickly
Fast approval and local decision making
Multiple draws without additional fees
Exceptional service
| Terms of Construction loan | Origination Fee for Mortgage Loan | Origination Fee for Construction Loan | Construction Loan Interest Rate | APR* for Construction Loan |
|---|---|---|---|---|
| With MyRate Checking® | None | 1.50% for 6 months 1.75% for 9 months |
3.99% | 11.315% for 6 months 9.943% for 9 months |
| Without MyRate Checking® | None | 1.50% for 6 months 1.75% for 9 months |
4.49% | 11.854% for 6 months 10.493% for 9 months |
*Interest rates are determined by a number of factors including credit score and loan amount.