You’re our first priority. We want you to understand how we make money. This post may contain affiliate links. Biglaw Investor may receive a commission at no additional cost to you if you click on the links in this article. This may influence which products we write about and where and how the products appear on a page. However, it does not influence our evaluations. Our opinions are our own. In some circumstances, if you work with us, we are able to provide an incentive to work with our advertising partners that is unavailable if you work with our advertising partners directly. Our partners cannot pay us to guarantee favorable reviews of their products or services. To read more about how we make money, click here.
JD MORTGAGE® connects you with lenders who want to help you build a new home or renovate an existing property. We find the lenders that offer terms specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your construction financing needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Wisconsin is the 20th-most populous state in the country, with most of the population living along the shores of Lake Michigan. Known as the Badger State, Wisconsin’s population has been increasing for many years now and is home to more than 6 million residents.
With the influx of new people and limited housing inventory, home prices have been rising. The median house price across the states is $275,000 according to the Wisconsin Realtors Association. Meanwhile, local real estate experts estimate that building in Wisconsin will cost between approximately $80 to $120 per square foot.
Due to the rising costs of purchasing existing homes and the cost of building, many people are turning to construction loans in Wisconsin as a way to save money and build a dream home.
Let’s go over some of the other benefits that you’ll find when you take out a construction loan in Wisconsin so that you can decide whether or not this is the right solution for your needs.
So, you’re thinking about getting a construction loan. These types of loans have some unique benefits compared with traditional home loans. Let’s look at some of the advantages you’ll find when you take out a new construction loan.
Approval at beginning of project. Most new construction loans are approved before any construction has begun. When you get approved for a construction loan, you will have guaranteed access to the entire amount you need to complete the project, making construction loans a way to engage in a building project with confidence.
Interest-only payments. You don’t have to worry about making principal monthly payments during the building process. Most construction loans only require interest payments during the construction phase, giving you some flexibility in paying for the new construction while also covering your monthly housing costs.
Your lender will be involved in the project. If you pursue a construction-to-permanent loan, your bank will be invested in making sure the builder completes the project on time and without flaws. After all, the house will ultimately be the bank’s collateral and the bank doesn’t want a problematic house. Your lender will also help ensure that any problems are addressed promptly by the builder so that they don’t delay completion or cause you any additional expense.
If you’re in the market to build a new home in Wisconsin, consider these construction mortgage loans that are available to state residents.
Wintrust Mortgage is one of the top 20 bank-owned retail mortgage originators in the country that originates in excess of $4 billion in loans annually in all 50 states.
Recently we asked Wintrust Mortgage to provide us with details on their construction loan and this is what they said:
When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.
UW Credit Union was founded nine decades ago and now has over 290,000 members, making it a large credit union in the state of Wisconsin. Originally tied to the University of Wisconsin-Madison, UW Credit Union membership eligibility no longer requires being a UW student to join.
We were particularly interested in the UW Credit Union construction loan, so we contacted the credit union to learn more. Here are some highlights:
When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.
Northview Bank has served Minnesota and Wisconsin for over 100 years and is a locally-owned bank by the Pogatchnik family. With a long history of financing the purchase of land in both Minnesota and Wisconsin, they are a natural fit for a construction loan.
We wanted to get more details about Northview Bank’s construction loan, so we contacted them to learn the following details:
When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.
WESTconsin Credit Union started serving the Menomonie agricultural community in 1938 but has since expanded throughout the state to 26 counties across west-central Wisconsin and east center Minnesota. In addition to personal checking and business checking services, lines of credit and credit cards, the credit union offers a construction loan.
We contacted WESTconsin Credit Union to get more information about their construction loan and this is what we learned:
When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.
If you’re considering a construction loan, it’s important to understand the risks and benefits of this type of financing. Construction loans are not for everyone. They can be costly, so it’s important that you understand how they work before deciding if one is right for your situation.
A construction-only loan is a short-term loan used to finance the construction of a new building or home. It’s typically taken out while the building or home is still under construction and paid back once it has been completed and sold. The borrower receives funds from their lender in increments over time, typically monthly or quarterly payments depending on their contract with the lender.
A construction-to-permanent loan is a short-term construction loan combined with the certainty of converting the construction loan into a permanent loan at the end of the construction phase. It’s typically used when the homeowner wants to lock in an interest rate at the beginning of construction and wants to only pay one set of closing fees to a title company.
The cost of these loans can vary depending on interest loan rates, fees associated with closing costs (such as appraisal fees), and other factors such as credit scores, home equity or down payments at closing time (if applicable). It’s important to speak with an expert who understands all aspects of this type of financing and can help with your loan application, disclosures and pre-approval before making any decisions.
Click on another state to find the best construction loan lenders in that state.
Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.
One email each week covers personal finance, financial independence, investing and other stuff for lawyers that makes you better.
Biglaw Investor is helping thousands of lawyers manage and eliminate student loans and make great investment decisions. We’re on a mission to help every lawyer achieve financial independence.