From building a new home to building upon your existing home’s equity, we make it easy to access real estate lending beyond a mortgage. Get started by visiting our Sandy location during lobby hours.
Available Personal Loans
Home Construction Loans
Planning your dream home? We’re proud to be a top home construction lender in Utah, offering loans up to $1.75 million. And, with faster approval times than other Utah lenders, we can help you break ground sooner.
Lot and Land Loans
A land loan is a great solution if you’ve found the perfect location for your home but aren’t ready to build quite yet. We can help you secure your lot and easily convert it to a construction loan when it’s time to start building.
Home Equity Line of Credit
HELOCs are an excellent way to leverage the equity of your home. Unlike a loan, HELOCs let you borrow only what you need, when you need it. Loans are amortized for 180 months with a 36-month rate adjustment. Use your HELOC to finance home renovations, basement remodels, or consolidate high-interest debt.
Our real estate lending solutions move you forward.
Your home is one of the most important investments you’ll make for you and your family. So when it comes to home loans beyond a mortgage, choose FinWise Bank. Our family-first attitude and financial expertise protect your financial well-being and improve your lending experience.
FAQs about residential real estate loans
Our experts answer your questions.
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How do I access my home equity line of credit for withdrawals?
You can access funds from your HELOC using a check, cash withdrawal, or account transfer made online or in person. If approved for a HELOC, your banker will set up your preferred method for receiving funds.
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What is the draw period, and what happens when it ends?
A draw period is the length of time you are allowed to draw and use funds from your line of credit. Often, this lasts 5 to 10 years. At the end of the draw period, the repayment period begins and may last 10 to 20 years.
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What is the difference between a home equity loan and line of credit?
A home equity loan delivers funds in a lump sum payment and usually features a fixed interest rate. A home equity line of credit (HELOC), however, features a variable interest rate and gives you the ability to borrow as little or as much as you like throughout a draw period.
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How do I apply for a home equity line of credit?
Visit our Sandy location during lobby hours to apply.
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What loan payments do I need to make during home construction?
During construction, you will receive a monthly billing statement based on the amount drawn from your construction loan. Interest-only payments are all that are required until construction is completed. At that point, we help you roll your new home construction loan into a mortgage with another lender.
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How much of a down payment will I need to begin construction?
On a new home construction loan, the down payment is tier-based on the dollar amount of the loan. At FinWise, we also allow cross-collateralization. This lending feature lets you use another loan or property as collateral for securing your new home construction loan. In this case, some cash down payment is still required.
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What documentation do I need to apply for a construction loan?
Similar to a mortgage, we require asset, liability, and employment documentation with our new home construction loan applications. You will also need to provide your home construction plans and specifications, as provided by your home builder.
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