While each lender’s Construction-to-Permanent Mortgage Loan process may vary, most follow these basic steps. A Construction-to-Permanent Mortgage Loan typically includes two separate loans, the first is the interim construction loan which allows for installments known as draws to pay for building expenses during construction. Often, interest-only monthly payments are made on the interim construction loan for a period of 12-24 months. Once your home is completed, a permanent loan (mortgage) will be made to pay off the interim loan, with monthly payments for a period up to 30 years.