Construction Loan

Building your own home is exciting and we're here to help!

One-Time construction closing:

  • Single approval process combines the home construction loan and the permanent loan in one.
  • Lower loan costs. You save money by paying reduced closing costs once at modification.


  • Up to 12 months to complete the home.
  • Interest is accrued only on the amount advanced.
  • Upon close of your construction loan, you may lock the rate of your permanent financing for up to 375 days. If you lock more than 100 days, and then the rate drops within 55 days of closing your permanent loan, you will have a one-time opportunity to reset your loan to the lower rate.
  • Origination fee for loans up to $484,350 is 1% of loan amount with a cap of $1,500 at construction closing.
  • Origination fee for loans greater than $484,350 is capped at $2,500 at construction closing.
  • Eligible property types: 1 unit owner occupied (primary and vacation homes)



Other benefits:

  • Convenient access to funds.
  • Think retains servicing of the mortgage.

Other products:

  • Lot loans (origination fee is credited at time of construction)
  • End financing available (for properties with builder-carried construction financing)


Building a home is a bit more complicated than buying one. Download this simplified 1-page guide that explains the process.

How to apply:

We can walk you through both options and help you determine which type best fits your needs. To get started you can apply online, visit one of our branch locations, or call us at 1-800-288-3425.

Construction loans are available for properties in Minnesota to existing customers, or new customers who live or work in Minnesota.

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Insurance products are offered through Think Insurance (MN license # IA-538), not Think Mutual Bank. Insurance products are not FDIC insured, are not insured by any federal agency, and are not a deposit or guarantee of Think Mutual Bank. This is not a policy. For a complete statement of coverages and exclusions, please see the policy contract.

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This information is provided for new customers who live or work in Minnesota, and for existing customers residing in the states of AR, AZ, CA, CO, FL, IL, IN, IA, KS, KY, MA, MD, MI, MN, MO, MT, NM, NV, NY, ND, NC, OH, PA, SD, TN, TX, UT, VA, WA, WI, WY. No offers may be made or accepted from any resident outside of these states due to various state regulations and registration requirements regarding investment products and services.