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Construction-to-Permanent Loans

Because building a home should be on your own terms

Building or renovating your dream home couldn’t be easier.

Here’s how our Construction-to-Permanent Mortgage could help you bank better:

  • Finance 90% of your primary or secondary home’s value
  • 12-month construction period before automatically converting to the permanent financing of your choice. This one-time closing is unlike most banks that require another closing when construction is done.
  • This one time close means you only pay for one closing.  Half the fees and half the hassle, just another way Coastal provides a better way to bank.
  • Choose permanent financing that is a Fixed-Rate Mortgage of 30 years or an Adjustable-Rate Mortgage with a lower interest rate that's fixed for five to ten years
  • Affordable interest only payments during the construction phase conveniently drafted from your Coastal checking account*
  • You'll always deal with your friends at Coastal because we will never sell your mortgage to a far-off megabank
  • This mortgage is eligible for an annual Loyalty Bonus payout, which has totaled $11.7 million paid to members since we started the program
  • id AllySM : Our identity theft recovery program is included free with this product

Review the product and process in more detail

Coastal should be the first choice for construction to permanent homeowners

Whether you are building your dream home on your own lot, financing the purchase of your own lot and the construction or looking to complete a major renovation of your current home we make it easier with a construction to permanent loan.  It doesn’t have to be overwhelming or hard to understand, we will walk you through the loan process with attention and expert guidance at every step. 

At Coastal Credit Union, we feature a choice of variable-rate or fixed-rate loans, low fees, no mortgage insurance for loans with less than 80% loan to value,  and a promise to service your loan locally. Our goal is that after you’ve moved into your new house, you’ll want to tell your friends about us.

Daymark Realty
Daymark Realty
Wholly owned by Coastal Credit Union, Daymark Realty offers exceptional savings and service whether you are buying or selling real estate.

I was able to buy my first home on my own without using all of my savings.
Margaret H.

Frequently Asked Questions

There are two options to make principal only payments. (Excludes first mortgages and VISA Credit Cards)

You can pay an extra amount at the same time you make your regularly scheduled payment. The extra amount paid will automatically be applied to the principal balance. The regular payment and the extra amount must be applied on the same date with this option.

You can make principal only payments at other times as long as your loan is current. Please note, a principal only payment will not advance your due date, and will not take the place of normal monthly payments.

When mailing a check for principal only payments, clearly indicate in the memo section of the check, "PRINCIPAL ONLY" and the account number. Any payment applied as principal and interest, that is not notated "PRINCIPAL ONLY", cannot be reversed and reapplied later.

Please email with any questions.

Coastal only issues 1098 Mortgage Interest Statements for accounts that paid $600 or more in interest during the calendar year. The exact amount of interest paid on your mortgage loan is listed on your December statement.

All loans are subject to approval.

* - Minimum deposit of $100 required to open an account. Fees may reduce earnings.

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