Frequently Asked Questions

When do I need a construction loan?

The purpose of a construction loan is to fund new home construction, usually a custom home, on a project where the homeowner buys the land and hires a builder.  Major remodels and additions also need construction loans if you need to borrow a percentage of the appraised value of the home AFTER the work is done.

How does a long-term mortgage fit into my construction project?

A construction loan is a short-term loan that funds the construction costs.  Once the home is built, a long-term mortgage is secured to pay off the construction loan.  This new long-term mortgage is what you will make monthly payments on when you move into your new home.

How is CCS Loans different from a bank or credit union?

CCS is a specialty lender that specializes in construction loans, solar loans, and other specialty loans.  We have common sense underwriting, local draw disbursements, and lap the field of banks and credit unions when it comes to customer service.  We offer a hassle-free experience for customers engaging in building a new home. Generally speaking, our rates and fees are also competitive with more traditional institutions, but with small business attention and feel.

Where does CCS lend?

CCS offers construction loans in Utah and Idaho, where it has been lending for close to 20 years.  Solar loans, mortgage refinances and purchases are offered in Utah. Specialty financing can be offered in various areas upon request.

How fast can I get my construction loan draws after I submit?

Generally, draws are turned around same day to 48 hours, depending on area and the timing of inspections.

What are the qualifications to get a construction loan?

Most of the underwriting guidelines would reflect those of your long-term mortgage.  There are down payment requirements, and construction specific requirements. A construction loan underwriter would be happy to walk you through our complete guidelines.

How is the solar loan different from the loan options the solar companies offer?

CCS’s solar loan is unique in a few ways: first, it gives you 12-18 months of no payments on the entire amount to allow you savings right out of the gate, and some time to collect any tax refunds you qualify for.  Second, it doesn’t have expensive dealer fees associated with it. Third, we are local with our underwriting, disbursements and customer service.

If I’m a solar company and want to offer the solar loan to my customers, how can I apply?

We do accept and underwrite solar contractors from time to time to offer our product.  Call the office and they will be happy to assist.

How do I know if refinancing is right for me?

The best way to know how much you’ll save, what interest rates are, and the costs of refinancing is to talk to a licensed loan officer.  Once they take down some basic information, they can put some analysis together to show you your options. Each customer’s situation is different, and there can be many solutions to your financial goals.

Do you accept owner/builder construction projects?

Yes.  We have a long history with homeowners who choose to build their own homes.  We work hand in hand with you to make sure your project is lien-free and your loan is disbursed in a safe and sound way.  We have had many successful and happy customers who have been owner/builders, and we love to be a part of the process!

How do I receive my construction loan draws?

We are located in South Jordan, Utah.  If you are local, you have the option of picking up your checks or having them mailed to you, your contractor, or your subs and suppliers.  For those who are not local, we can mail them to you, your builder, or subs and suppliers directly.