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Financing New Home Construction: Can I Build?

So, you think you want to build a new home? Or, maybe you’re wondering if you can?

The first thing you should remember is that it takes the same criteria to build as it does to purchase – Income, Assets, Credit and, of course, a home. It all has to work together.

Before you start excavating, it’s a good idea to understand the construction financing process:

1. Pre-Approval
The first step is to get pre-approved on a new construction loan. Our lenders are happy to help you navigate this process. To get started, you can go online, stop by your nearest North Shore Bank office or Schedule an Appointment.

With an all-in-one construction loan, North Shore Bank makes financing your new home easy while saving you money with just one application, one closing, and one loan. With our construction loans, you don’t have to refinance at the end of construction. If you do choose to refinance, however, we have great options to meet your needs.

If you’re curious about the maximum mortgage loan you can apply for, take a look at our maximum mortgage calculator.

2. Look for Lots, Builders, and Upgrades
Once you have been pre-approved, you can find the perfect lot, research the best layout, and search for a builder. Consider your pre-approval amount and consider your budget very carefully. It’s important that you select partners that you trust.

When you’ve met with a builder, have a contract signed, and have found your perfect lot, it’s back to the bank!

3. Get your Loan
Meet again with your lender to take your pre-approval and officially make it your new construction loan.

Some of the basics of your new construction loan include:

The build has to be done in 11 months
Your payments are interest only on the draws that you’ve used during construction
An appraiser will verify the value of your new construction before you build and upon completion
A title company will ensure that you will be able to live in your new home

Once this has all been thoroughly vetted and you’ve gone through underwriting, you will close on your new construction loan.

4. Pay your Builder

The money gets to your builder through the title company. The title company acts as the eyes and ears of the project, ensuring that all of the work has been completed.

5. The Final Draw
After your home has been completed, the appraiser will go back out and confirm that what has been built matches the original plans and specs that were provided. Then, the builder will give you appropriate documentation and an occupancy permit so you can officially move into your dream home!

6. Move In!
At every step along the way, we’re here to help answer any questions you have. North Shore Bank is The Bank of You – so let us be your partner when you’re building your new home.

Interested in a North Shore Bank New Home Construction Loan?

Visit a Branch

Schedule Appointment

Browse more of our financial literacy resources by clicking here.

Do not rely upon the information provided in this content when making decisions regarding financial or legal matters without first consulting with a qualified, licensed professional. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today. North Shore Bank expressly disclaims any liability arising from the use or misuse of these materials and, by visiting this site, you agree to release North Shore Bank from any such liability.

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Frequently Asked Questions

What are some top financial security tips I should be aware of?

What are your hours?

What are some common scams I should be aware of and what steps can I take to avoid them?

View a list of web browsers that are supported with Online Banking.

Google Chrome

Remove a saved password.

You can make Chrome forget specific passwords or clear all saved passwords at any time.

On your computer, open Chrome.
At the top right, click More Settings.
At the bottom, click Show advanced settings.
Under "Passwords and forms," click Manage passwords. A box will appear with a list of saved passwords.
In the "Saved passwords" section, select the website and click Delete .
Click Done.

Stop asking to save passwords.

By default, Chrome offers to save your password. You can turn this option off or on at any time.

On your computer, open Chrome.
At the top right, click More Settings.
At the bottom, click Show advanced settings.
Under "Password and forms," uncheck the box next to "Offer to save your web passwords" or "Offer to save passwords with Google Smart Lock for Passwords."

To offer to save passwords again, check the box next to "Offer to save your web passwords" or "Offer to save passwords with Google Smart Lock for Passwords."

Make Chrome ask to save passwords again.

If you told Chrome to never offer to save your password for a specific site, but you change your mind, you can bring back the option.

On your computer, open Chrome.
At the top right, click More Settings.
At the bottom, click Show advanced settings.
Under "Passwords and forms," click Manage passwords. A box will appear with a list of saved passwords.
In the "Never saved" section, select the website and click Delete .
Click Done.

If Chrome isn't asking to save any passwords anymore, you may have asked it to stop saving passwords. Bring back the prompt by turning "Offer to save passwords" back on.

Microsoft Internet Explorer

Remove just one saved password.

Go to the login page and type the first letter of the username into the name field.
In the drop-down list, select the name by putting the pointer on it.
Hit the Delete key and answer "yes" to the dialog.

Apple Safari

Remove just one saved password.

From the Safari menu, select Preferences
Select the Passwords tab
Locate and select the website for which you want to delete a saved username/password
Press the Remove button and confirm the deletion request

Current Balance, also known as Account Balance or Ledger Balance, means the funds in your account, including deposits and withdrawals made to date. Not all your transactions will be immediately reflected. As a result, only part of this balance may be available for withdrawal. The Current Balance does not include checks or payments, including debit card transactions, that you have initiated but have not yet cleared your account.

Available Balance means the amount of money that can be withdrawn at a point in time. The Available Balance will be less than the Current Balance when there are pending transactions such as:

Funds held from deposits: These funds have been deposited, but are not yet fully available for withdrawal or transfer.
Funds held for debit card authorizations: This reflects merchant-authorized requests for payment, when the final charge has not been submitted by the merchant. ATM and PIN-based debit card transactions usually post the same business day and other everyday signature-based debit card transactions usually post within 4 business days. This means that your available balance may not accurately reflect pending debit card authorizations until the transaction is received by us and paid from your account (i.e., posted). Even though we may increase your Available Balance when a merchant does not submit the transaction for payment in a timely manner, the obligation to the merchant still applies.
Any other holds on funds in your account.

The Available Balance does not reflect every transaction you have initiated or previously authorized. Items that may not be reflected in your Available Balance include, but are not limited to:

Outstanding checks and authorized automatic withdrawals (such as recurring debit card transactions, transfers, and ACH transactions that we have not received for payment or processing).
The final amount of a debit card purchase. For example, we may authorize a purchase amount from a gas station, but the authorized amount may be different from the final charge.
Scheduled bill payments or other direct payments to other people that have not yet been processed.
Debit card transactions that have been previously authorized but not sent to us for payment from your account where we have released the transaction authorization hold and the transaction is sent for payment from your account at a later date.

North Shore Bank authorizes and pays transactions using the Available Balance in your account. If you have Standard Coverage, the Available Balance for checks, ACH items, and recurring debit card transactions includes the amount of the Overdraft Privilege limit and any available Overdraft Protection. The Available Balance for ATM and everyday debit card transactions on accounts includes any available Overdraft Protection, but does NOT include the Overdraft Privilege Limit. For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the Available Balance for authorizing ATM and everyday debit card transactions.

An easy way to keep track of your transaction history is to enroll in Online Banking or the Mobile App if you are not already enrolled.

Where can I find a listing of your Mortgage Loan Originators?

How secure is North Shore Bank's online banking service?

Digital Banking Terms and Conditions

What are your current Business Account fees?

Your beneficiaries will be notified and funds will be distributed accordingly.

Don't have an IRA?

Make saving for retirement a little less taxing.
Both the Traditional and Roth IRA grow tax-deferred and are allowed to have automatic distributions. All of our retirement options come with the expertise and guidance of a knowledgeable North Shore Bank IRA Professional.

Use our Roth IRA Conversion Calculator to see if you should convert.

Traditional IRA
Anyone under the age of 70 with earned income and wants to save money for their retirement can use an account that allows their money to grow tax-deferred until retirement age.

What's in it for you?

Contributions may be tax-deductible^Footnote 1
Can be consolidated with other personal IRAs
North Shore Bank Certificates of Deposit are FDIC insured

Roth IRA
Anyone, any age, with earned income who wants to save money for retirement, especially those who earn an income that exceeds the limits set for Traditional IRA deductibility, and want the ability to withdraw the money tax-free can use a Roth IRA.

What's in it for you?

Earnings may be able to be withdrawn tax-free^Footnote 2
Can be consolidated with other personal IRAs
North Shore Bank Certificates of Deposit are FDIC insured
No requirement to withdraw a minimum amount at any age

Find an office near you.

1 Distributions taken prior to age 59½ are subject to an IRS penalty. Your contributions to a Traditional IRA may or may not be tax-deductible. Deductibility is determined by two factors, whether you actively participate in an employer-maintained qualified retirement plan and your modified adjusted gross income. (Consult your tax advisor)

2 Income limits affect eligibility to contribute. You can begin taking "distribution" withdrawals from a Roth IRA without paying taxes or penalties if you have held the account for at least 5 years, and have reached at least 59½ years of age. Unlike with a Traditional IRA, there is no requirement to withdraw a minimum amount at any age. (Consult your tax advisor)

There are several types of IRAs offered through North Shore Bank.

Make saving for retirement a little less taxing.
Both the Traditional and Roth IRA grow tax-deferred and are allowed to have automatic distributions. All of our retirement options come with the expertise and guidance of a knowledgeable North Shore Bank IRA Professional.

Use our Roth IRA Conversion Calculator to see if you should convert.

Contributions may be tax-deductible^Footnote 1
Can be consolidated with other personal IRAs
North Shore Bank Certificates of Deposit are FDIC insured

Earnings may be able to be withdrawn tax-free^Footnote 2
Can be consolidated with other personal IRAs
North Shore Bank Certificates of Deposit are FDIC insured
No requirement to withdraw a minimum amount at any age

Find an office near you.

Make saving for retirement a little less taxing.
Both the Traditional and Roth IRA grow tax-deferred and are allowed to have automatic distributions. All of our retirement options come with the expertise and guidance of a knowledgeable North Shore Bank IRA Professional.

Use our Roth IRA Conversion Calculator to see if you should convert.

Contributions may be tax-deductible^Footnote 1
Can be consolidated with other personal IRAs
North Shore Bank Certificates of Deposit are FDIC insured

Earnings may be able to be withdrawn tax-free^Footnote 2
Can be consolidated with other personal IRAs
North Shore Bank Certificates of Deposit are FDIC insured
No requirement to withdraw a minimum amount at any age

Find an office near you.

Contact a Mortgage Loan Officer

Apply for your mortgage loan.

What is the maximum mortgage amount I can apply for?

What is Overdraft Privilege?

Classic/Standard Debit Cards

For your protection, there is a daily spending limit of $2,000 as long as the money is available in your account. ATM machine withdrawals have a daily limit of $500, which is subject to change based on individual ATM machines. This limit also includes an additional $15.00 to cover any ATM fees assessed for a total spending limit of $2,515.00.

If you are going to make a purchase over the $2,000 daily limit, call the number on the back of the card or North Shore Bank Customer Support, to request a limit increase.

Platinum/Enhanced Debit Cards

For your protection, there is a daily spending limit of $5,000 as long as the money is available in your account. ATM machine withdrawals have a daily limit of $500, which is subject to change based on individual ATM machines. This limit also includes an additional $15.00 to cover any ATM fees assessed for a total spending limit of $5,515.00.

If you are going to make a purchase over the $5,000 daily limit, call the number on the back of the card or North Shore Bank Customer Support, to request a limit increase.

Business Debit Cards

If you are going to make a purchase over the $5,000 daily limit, call the number on the back of the card or North Shore Bank Customer Support, to request a limit increase.

HSA Debit Cards

If you are going to make a purchase over the $2,000 daily limit, call the number on the back of the card or North Shore Bank Customer Support, to request a limit increase.

MoneyPass ATM network

How do I import/export a Quicken Transfer Format (.QFX) file?

What benefits are included with the Platinum Debit Card?

Download a Direct Deposit Change Form today to get started!

"Log In Information May Be Missing Or Invalid. Use First Time Log In If Logging In For The First Time" : If you have already signed up for Online Banking, this message usually means that either you have entered both your access ID and password incorrectly or you only entered your access ID incorrectly. Remember that your access ID and password are case-sensitive, so please make sure that you're entering both of them exactly as you created them (either all caps, lower case or a mixture).
"Invalid Customer Security Code". This message means that you entered your password incorrectly. Remember that your password is case-sensitive, so please make sure that you're entering it exactly as you created it (either all caps, lower case or a mixture).
"Your account has been disabled". If you receive this message, it usually means that the password has been entered incorrectly five or more times. This message may also appear when you use the “Back” button on your browser instead of using the links at the top of your Online Banking screens. If this happens, please contact North Shore Bank Customer Support.
“The information you are submitting is insecure”. The message you see is a "Warning! You have requested an insecure document that was originally designated a secure document. The document and any information you send back could be observed by a third party while in transit" - or a related message (depending on your browser) is shown because you are moving from a secure page within our Online Banking site to an unsecured page.

This is your browser's way of warning you that the next page you are requesting is an insecure document and that you should not enter any confidential information on it. Once you leave a secure site like Online Banking, any information you transmit from that page is not encrypted for security and could possibly be viewed by a third party.
"Warning: Page has Expired". This is done for security reasons. Instead of using the browser buttons, please use the navigation icons or links on the Online Banking screens.
”Invalid customer security code”. This message means that you entered your password incorrectly. Remember that your password is case-sensitive, so please make sure that you're entering it exactly as you created it (either all caps, lower case or a mixture).

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Business Online Banking Quick Tips

ACH Instructions for Business Online Banking

Remote Deposit Capture Setup Instructions

Remote Deposit Capture Scanner Driver Installation Instruction (Edge and Chrome Browsers)

Remote Deposit Capture Scanner Driver Installation Instruction (Firefox)

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Financing New Home Construction: Can I Build?

Frequently Asked Questions

Google Chrome

Tip

Microsoft Internet Explorer

Right-click on any bookmark and select "Delete".

Apple Safari

Right-click on any bookmark and select "Delete".

Google Chrome

Remove a saved password.

Stop asking to save passwords.

Make Chrome ask to save passwords again.

Microsoft Internet Explorer

Remove just one saved password.

Apple Safari

Remove just one saved password.

Security

Financing New Home Construction: Can I Build?

Frequently Asked Questions

How do I activate my debit card?

How do I sign up for the Mobile App?

How do I sign up for Online Banking?

How do I use Zelle®?

How do I enroll in and use Bill Discovery?

How do I sign up for Greenlight at no cost?

I signed up for Greenlight through the North Shore Bank link, but I was just charged a monthly fee.

How do I verify my funding source within Greenlight?

Can I send money to my child’s Greenlight card from the North Shore Bank app or website?

Is Greenlight safe?

How long will it take for my Greenlight debit cards to arrive?

I set up an external transfer in the Personal Mobile App or Online Banking. What if I change my mind and no longer wish to make the transfer?

Is there a fee to use the Personal Mobile App or Online Banking to transfer money to an external account?

What is My Card Manager?

How do I add my North Shore Bank debit card to Apple Pay?

How do I add my North Shore Bank Debit Card to Google Pay?

What’s the difference between “Card on File” and “Recurring Payments”?

How many transactions show within My Card Manager?

How do I enroll in Zelle®?

How is the rate determined for my Home Equity Line of Credit?

Do you offer home equity lines of credit?

How do I apply to refinance my home equity loan?

I set up debit card alerts, but I am not receiving them on my mobile phone.

I set a spend limit on my debit card of $100 per transaction, but my debit card is denied at some gas stations. Why?

Is there a limit to the number of personal accounts I can set up in the Personal Mobile App or Online Banking for external transfers?

In the Personal Mobile App or Online Banking, is there a limit to the amount of money I can transfer to an external account?

Can I schedule an appointment at a branch online?

What market areas does North Shore Bank Serve?

What is Zelle®?

Who can I send money to with Zelle®?

Someone sent me money with Zelle®, how do I receive it?

What countries do not accept debit cards?

How can I get my account number?

I tried paying with my contactless debit card, and it didn’t work.

How close does my contactless debit card need to be to the checkout reader?

Can I use my contactless debit card on payment readers that don't display the contactless symbol?

How do I pay with contactless?

Can I receive cash back with my contactless debit card?

What if I want to send money to someone whose financial institution doesn't offer Zelle®?

What are the hardware & software requirements for the Mobile App?

What types of checking and savings accounts can I open online?

Where can I get information about career opportunities?

How do I add the Mobile App to my new phone?

What is my loan payoff amount?

Can you send a 10-day loan payoff quote to my bank or credit union?

How do I use Apple Pay?

How do I request a duplicate lien release?

Which Mortgage Loan is the Best: Adjustable or Fixed Rate?

What kinds of mortgages does North Shore Bank offer?

What is a Mortgage Note?

Can I be notified when mortgage/refinance rates change?

How much will it cost me to refinance my first mortgage?

Can I place a stop payment on a debit card transaction?

How long does it take for a pending/in process debit card transaction to clear my account?

Can I dispute a pending debit card transaction?

How long do I have to notify the bank of an unauthorized charge on my debit card?

What are your debit card rules?

Can I specify a time/times when I don’t want to receive account alerts?

When are account alerts delivered?

How do I sign up for account alerts?

Can I send Account Alerts to multiple email addresses or mobile phones?

Are my Digital Wallet purchases included in the Shop Local program?

What types of payments can I make with Zelle®?

Will all Year End tax forms be available electronically?

I'm unsure about using Zelle® to pay someone and I don't know. What should I do?

When will I get my tax documents?

What accounts are eligible to receive electronic tax documents?

How do I view my tax documents electronically?

A transfer was made from my account, but I did not initiate the transfer. What should I do?

What costs are involved in a deferred compensation 457 plan?

What are the minimum and maximum amounts I can contribute to a 457 plan?

Why do I need to enter my password before making a transaction within the Mobile App?

Which accounts can be viewed using the Mobile App or Online Banking?

Do you offer a holiday savings account?

I would like to open an account online. How do I make the initial deposit?

How do I open a checking or savings account?

Are there any service fees for ATM withdrawals?

Can I make cash deposits at an ATM?