We're here to help:
Fifth Third Bank offers new construction loans to make your vision for a custom home a reality. Our construction loans are available for your primary residence at fixed or adjustable interest rates. Learn how construction loans work and contact a Mortgage Loan Specialist for current construction loan rates. Your dream home awaits!
How It Works
It only takes a few minutes to get started.
Tell us about yourself and fill out our application form.
A mortgage loan originator will contact you.
The originator will work with you step-by-step until you’re in your new home.
How Do Construction Loans Work?
Construction loans are typically short-term loans used for the construction of a new home. At the completion of the construction, the loan can be refinanced or converted into a permanent mortgage. The homeowner is generally only required to pay interest* on payments during the construction. For construction-to-permanent loans, the loan will be converted to a permanent mortgage with a term of 15 or 30 years. At the conversion time for the loan, you can choose either a fixed-rate or adjustable rate (ARM).
Construction Loan Benefits:
- Available for the construction of your primary residence
- Fixed rate and ARM* construction loans available
- Low rates during construction
- Conforming and Jumbo Loan amounts available
- One-time closing fee
- Interest-only* payments during construction
- Land purchase can be included in costs
Construction Loan Rate Calculators
Use these easy-to-use calculators to determine what home you can afford and your estimated payments.
Calculate your monthly mortgage payment for a given purchase price, down payment, interest rate, and loan term
Determine your maximum home price and mortgage loan amount
Find out how much you can borrow for the home of your dreams
Construction Loans FAQs
Consider these factors in your financial life so you can strengthen your case as an attractive loan candidate.
Do you understand mortgage terms used in the home buying process? Use this simple Mortgage Terms and Definitions guide to help you navigate buying a home.
We're here to help: