Construction Loans
We offer Adjustable-Rate Mortgages (ARM) and Fixed-Rate loans that enable our members to finance the construction of a new home. With BECU's construction-to-permanent loan, construction and permanent loan financing are rolled into one loan so you can lock in your interest rate before you break ground and deal with only one set of closing costs and qualification.
During your build period, interest only payments will be required. To process and manage loan draws, BECU has partnered with Land Gorilla, a construction finance platform that gives BECU members and builders real-time access to request draws through the portal OneSite. With OneSite, borrowers can manage all draw activity in one centralized location to monitor inspections, past draws and new draws. It also integrates inspector and title updates for a more efficient process.
Upon completion of construction and receipt of final inspection and a certificate of occupancy, the loan transitions into the permanent mortgage loan for the remainder of the loan term. At that point, standard mortgage payments are based on the permanent loan interest rate and the loan term begins. Your loan payment will include principal, interest and also taxes and insurance, if requested. During this time, you may exercise the interest rate float down option.
