Let’s build your dream home together. Our local professionals specialize in home construction loans and work with you and your builder from application through completion of your new home. We handle all draws and inspections during construction.
How does a construction to permanent loan work?
WaFd Bank is unique when it comes to construction loans and home building financing. With our All-in-One Construction to Permanent Loan, construction and permanent financing are conveniently rolled into one loan, so your permanent interest rate is locked in before you break ground. That means no requalifying or second appraisal after your home is built. With our cross-collateral loan program, you may be able to wait to sell your current home until after you move into your new home.
Meet with your architect or builder to plan your dream home.
Set your budget, determine the scope of work, and establish a timeline for completion.
DIY or Contractor?
Doing it yourself or working with a builder? We can work with you either way. Our custom construction loan officers at your local WaFd Bank branch will walk you through the process of completing your project.
Our custom construction loan officers work with you to manage payouts to your builder each month as construction progresses from beginning to end.
This is a tricky question, but in general, yes, it is cheaper to buy a house than purchase land and build one from scratch.
Caveat: costs can vary greatly depending on factors like a buyer’s flexibility with location, renovations they’d like to make on a pre-built house, and how long the buyer’s planning on staying in either home.
Not always. There are many aspects to consider when building a home, such as how “standard” or “unique” the features and layout are, how long you’re planning to live in the house, and whether or not there are “green” rebates available in your area.
In general, expensive features or structures that make your home and property more “niche” can limit the number of prospective buyers when it comes time to resell, which can result in needing to lower your future asking price.
If you plan to live in the home for many years, property value appreciation can offset the uniqueness. If you “build green”, the cost of owning an energy efficient home is often much lower. Plus, some states offer rebates or tax incentives for environmentally friendly features, like solar panels.
No. This line of thinking can be dangerous to your body, mind AND wallet. If you have time to allot to the many aspects of building a home, and you’re familiar with construction work, then by all means – pick up a hammer. But remember – time is money. Unfortunately, the more a job costs a professional to do, the more of your time it’s likely to take. Before you start tackling any aspect of building a home, put in the research.
If you’re unsure as to whether you can tackle a project, opt for the professional route. In general, you’ll spend more money hiring someone to fix damage done by DIY-ing than you would have spent if you had paid someone from the start. Another bonus of hiring an experienced contractor is that they often provide warranties on the products and work they complete, either personally or through subcontractors, covering you in the event that repairs or reinstallation is needed.
Want more help? Come See Us
If you've done all your research and still want help with your construction loan, just stop by. We’re nearby, and we’ll sit down with you and answer any questions you may have.
* To qualify for the maximum $600 discount, before closing documents are prepared you must (1) have or open the WaFd checking account, (2) register for EZ-Pay from the new checking account, and (3) sign up for direct deposit of at least one form of a monthly recurring source of income.