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Construction & Land Loans

Construction loan, land loan, lot loan – lots of options here and lots of experience too. Sure feels good to work with someone who knows this process in and out and can help you think it through. We can't wait to hear your plans!

Top Mortgage Lender in Wisconsin

Build With the Right Construction Loan. And Team.

  • Build out that blueprint exactly the way you imagined — hello, perfect home
  • Secure the corner lot that will turn into so much more
  • Purchase your own piece of land for recreational purposes


A women and man reading a blueprint together in a house under construction

Construction Loans

For when you're building your home. You can start the process and make progress on your plans with:

  • A typical down payment of just 10%
  • A great, low rate
  • Just one closing for both the construction loan and your post-construction mortgage
  • Local service for the life of the loan

Apply Now  Meet With Us

How They Work

There are two components to a construction loan – the time during construction (also known as the draw period) and the time after construction (the permanent mortgage loan period). Here's how it all works. 

During Construction

  • As work is completed, and when you agree a contractor should be paid, we'll release the funds to the title company to pay your contractor
  • You're only responsible for interest payments on your loan at this time

After Construction

  • Your construction loan transitions into a permanent mortgage loan (your payments will reflect the interest rate at the time of your original loan application)
  • It will automatically be a Summit adjustable-rate mortgage (ARM) loan, but in some cases you can opt to apply for a fixed-rate mortgage loan

Special Documentation & Approvals

To make sure that you qualify for a construction loan, in addition to the paperwork and documents required for a typical mortgage, Summit will need to review the following from your builder:

  • Project plans and specifications
  • Construction contract
  • Construction cost breakdown

For any other questions about the process, you can talk with a Summit Mortgage Loan Officer.

Construction Rates

Term (up to) Rate Annual Percentage Rate

5/1 ARM Construction**

6.875% 7.665%

7/1 ARM Construction**

7.125% 7.637%

15/15 ARM Construction**

7.625% 7.160%

Green field with row of houses behind it

Lot Loans

For when you've found the perfect spot for your future home on up to 10 acres. You can get an adjustable-rate lot loan to keep monthly payments low while you're planning out the construction process.

Apply Now  Meet With Us

Green field with a for sale sign

Land Loans

For when you've found the ideal plot of land – up to 125 acres – for hunting, exploring or a bit of privacy. You can get a competitive adjustable-rate term to make it yours.

Apply Now  Meet With Us

Talk to a Mortgage Loan Officer

With the great rates you need to start, online mortgage loan status updates throughout the process and local servicing for the life of your loan, Summit is here for you every step of the way. Our mortgage loan officers are ready to connect whenever you are!

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