Mortgage Loans

Construction Loans

A Construction Loan is the perfect financing solution for those looking to build their own home.

Building a home is something special. We can help make it happen with the right loan.

If you are planning to build a new home in Wisconsin, Michigan, or Illinois, the home construction process can be complicated. At CoVantage Credit Union, we aim to simplify things for you, starting from the purchase of a lot to paying for labor and construction costs. Our streamlined loan process ensures that you have more time to oversee the building process and allocate funds for the architectural features that you desire.

Competitive Rates
Low Down Payments
Patronage Eligible

If you're interested in an 18-month loan with a balloon payment, we can help. Our loans can be used for various aspects of project financing, including construction and development.

When applying for a home loan, it's important to have the right documents. Download our checklist of everything you'll need when applying for a loan.

Additionally, we have calculators available to help you determine your monthly loan payments. For more information, check out our free Construction Financing Guide and Home Financing Guide.

Interest Only Construction Loan

Effective Date: October 20, 2026
Rate Term APR As Low As Monthly Payment Per $1000
6.50% 18 Month Balloon 10.35% 5.34

Payments can be made more frequently on personal loans, vehicle loans, or credit cards. Mortgage payments are only accepted monthly.

CoVantage will mail a packet with loan information to every borrower, so watch your mailbox! If you provided an email address at the dealership, you will also receive an email with that information approximately one week after the loan closed. Please note that the loan may not close until one to three days after you sign at the dealership.

You can use MyCoVantage digital banking and mobile app to set up automatic payments from your CoVantage checking or savings account OR from another financial institution (also called an External Transfer). Set-it-and-forget-it using the Transfer/Pay feature today!

To set up a transfer from another financial institution within MyCoVantage, navigate to the Transfer/Pay tab, then select Manage External. Before you can set up a one-time or recurring transfer, you will need to Add a New External Account and create an account nickname you can use to reference the account within digital banking.

Once added, you will need to verify the account by confirming two small amounts to the external account. Then log into MyCoVantage and go back to the Transfer/Pay tab, select Manage External and enter the trial deposit amounts that were sent to the external account. After completing this step, the external account will be ready to use within Transfers.

Please note: External Transfers are not immediate, they are processed in 1 to 3 business days from the date scheduled, provided they are scheduled by 4pm. For example, if you have a loan payment due on Friday, January 15, you will want to schedule the transfer at least 3 business days prior, Tuesday, January 12, to ensure the funds are received by that date.

Unfortunately, if your loan payment becomes 30 days past due, your status as a CoVantage “Member in Good Standing” is jeopardized, which could also affect any digital banking services.  In addition, late payments on loans and mortgages may result in a late fee or negative reporting to credit bureaus. To avoid late payments, set up automatic payments using MyCoVantage digital banking and mobile app.

As a financial cooperative, we depend on all our members to contribute to the credit union and uphold their obligations. It’s working together and sharing our resources that allow us to offer lower loan rates, higher savings rates, and the quality products and services that are a part of the credit union experience. If you are having financial difficulties, please contact our Member Solutions team at 800-398-2667, ext. 2404 to discuss repayment options.