Construction/Permanent Loans cover the home building time frame and are given to a customer who owns the lot and has signed a contract with a builder. You're charged for interest on the amount that has been paid from the loan to your builder - this includes any loan funds that have been disbursed to pay closing costs, or to purchase or pay off a mortgage on your lot. Your construction loan will end when your home is complete and you will need to get permanent financing, sometimes requiring you to pay closing costs again.

End Loans are a form of permanent financing for people who are building a new home while the builder owns the property until construction is complete, and secures a loan and interest rate during the building period. You make no payments for principal or interest until the title is transferred to you.

Whether you're building a new home or buying an existing one, it's always a good idea to get a preapproval before you start looking. At most banks, preapprovals are just a guess, or what the bank thinks you will qualify for based on the going interest rate and your stated income. Not at Third Federal. Our preapprovals are fully underwritten, so when we say you’re “preapproved” for a loan, you’re approved; end of story. Plus with Third Federal’s Advantage Preapproval, you can lock in our guaranteed lowest rate right at preapproval. Most lenders won’t allow customers to lock their rate this early. But at Third Federal we lock the rate right at preapproval so you don’t have to worry about rates going up!