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Construction Loans

Save Big Building Your Dream Home

image of a home

Building a home means spending a lot of time paying attention to the details, from blueprints to paint and everything in between. Luckily, choosing the loans that will finance your new home isn’t as complicated.

Simplify your financing with a construction loan and mortgage loan from Lewiston State Bank. Save big with no origination fee on your mortgage loan if you do your construction loan and long-term financing with us.* In addition to saving money, we’ll save you the headaches that can come with financing your dream home. You can count on the experienced lenders at Lewiston State Bank to offer:

  • fast approval
  • low, fixed interest rates
  • multiple free draws
  • exceptional service

One lender, one loan package, one dream home. Contact us today at 1-800-815-BANK.

Special offer for residential construction loans and mortgages:

4.99% interest-rate, owner-occupied, 1-4 family residential construction loans (12.31% or 10.99% estimated APR*, depending on term, and with MyRate Checking® account opening) from any Division of People’s Intermountain Bank

  • Low, fixed rate for a 6-month or a 9-month term† of the loan, which is a substantial savings off typical construction rates
  • 1.50% or 1.75% origination fee (1.50% for 6-month term or 1.75% for 9-month term)
  • An interest reserve will be set up to make the monthly interest payments during the term; the monthly interest payment will increase as the balance increases
  • A balloon payment will be due at the end of the 6-month or 9-month term
  • Fast approval
  • Multiple draws without additional fees
  • Exceptional service

You can potentially save thousands more with no long-term mortgage origination fee when you get both your construction and mortgage loans from any Division of People’s Intermountain Bank.‡ The 4.99% rate is contingent on the borrower opening a MyRate Checking account with any Division of People’s Intermountain Bank prior to construction loan closing; the rate without a MyRate Checking account is 5.49%. A low, fixed rate for 6 or 9 months and no mortgage origination fee can potentially save you thousands on your dream home.

Construction Financing

Term of Construction Loan Origination Fee for Mortgage Loan Origination Fee for Construction Loan Construction Loan Interest Rate APR* for Construction Loan
With MyRate Checking None 1.50% for 6 months
1.75% for 9 months
4.99% 12.31% for 6 months
10.99% for 9 months
Without MyRate Checking None 1.50% for 6 months
1.75% for 9 months
5.49% 12.84% for 6 months
11.52% for 9 months

Frequently Asked Questions

The Answers You Need Now

How much will I save, what is the normal origination fee? On separate loans you would normally pay 1% origination on the construction loan and another 1% on the long-term mortgage.

How are you faster than the competitors? Local management of your construction loans allows for quicker receipt of checks on draws and no charge for additional draws so you save time and avoid construction delays.

Will I still have to fill out two loan applications? No.

Learn more about this offer by contacting a mortgage loan officer at 1-800-815-BANK

*Annual Percentage Rate (APR). These are estimated APRs based on a $417,000 construction loan at 4.99% with any Division of People’s Intermountain Bank standard construction loan fees and either a 6-month or a 9-month term. The standard construction fees are: 1.50% (6 months) or 1.75% (9 months) origination, $750 (6 months) or $1,125 (9 months) inspection, $100 appraisal review, $15 flood determination, $5 credit report (per borrower), $250 document preparation, title insurance (varies), recording (varies), and appraisal (varies). Payment example: Assuming that a loan with standard fees and a balance of $417,000 was 50% disbursed for a 6-month term, the monthly interest payments are estimated to be either $953.89 (without MyRate Checking) or $867.01 (with MyRate Checking), and the balloon payment is estimated to be $417,000. Subject to credit approval. Other fee considerations may be necessary for loans exceeding $417,000. Inquire for details. Only valid in Utah, Salt Lake, Davis, Weber, Tooele, Box Elder, Cache, Franklin, Washington, and Wasatch counties.

†An additional 2-month extension with a 0.25% extension fee may be available if necessary and subject to approval.

‡The 1.5% or 1.75% construction loan origination fee applies regardless of whether the mortgage loan comes from a Division of People’s Intermountain Bank. The mortgage must satisfy and replace the construction loan on the same property and to the same borrower, and the construction loan must be originated on or before 06/30/19.  Only valid in Utah, Salt Lake, Davis, Weber, Tooele, Box Elder, Cache, Franklin, Washington, and Wasatch counties.