Construction Loans

Construction Loans

Do you dream of building your own home in Northern Maine? At Aroostook Savings & Loan, we make custom home construction financing easy and efficient, from application to move-in. With over 88 years of experience serving our community, our tailored construction loan programs are designed with you in mind.

Flexible Construction Loans Whether you plan to manage the project yourself or hire a contractor, our “all-in-one” loan covers everything from building a stick-built home to major property improvements. Enjoy a single closing for both construction and permanent financing, minimizing costs and hassle.

Why Choose Our Construction Loan?

• Quick Draw Process: Efficient and straightforward to keep your project moving.
• Personalized Service: A dedicated loan specialist will guide you through every step from start to finish.
• Competitive Rates & Low Fees: Affordable financing with minimal closing costs.
• In-House Loan Servicing: Your loan stays with us, never sold to a secondary market, so all servicing stays local for the life of your loan.

What You’ll Need to Begin the Construction Loan Application Process

To get started, gather the following:

• Building Plans or Renovation Details: Provide a clear outline of your construction project, including building plans or a detailed renovation scope.
• Comprehensive Budget: Submit a thorough budget that includes formal cost estimates from suppliers, contractors, or subcontractors.

What Happens After Signing Disclosures

Once disclosures are signed, we’ll guide you through the next steps:

• Appraisal: We will order an appraisal to determine both the current and projected value of your home after construction or renovations are complete.
• Permits and Insurance: You will need to obtain all necessary building permits and construction insurance to proceed with your project.

Smooth Construction Funding & Inspections: Funds will be managed through a Construction Money Market Account, ensuring payments align with the approved budget. Inspections will be conducted by your loan officer to verify progress and quality, with at least three site visits for modular construction and five for traditional builds. Our team will work closely with you to ensure funds are used appropriately, and any discrepancies will be addressed promptly to avoid delays.

Ready to Make Your Dream a Reality?

Visit Aroostook Savings & Loan to speak with our friendly, knowledgeable loan specialists. From planning to building, we’re here to make your dream home a reality while keeping costs low and the process efficient.