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Construction Loans

I sent an email to the lenders but they won't respond until tomorrow so I thought I would ask here. I read online that a construction to permanent loan had higher interest rates than a normal mortgage. The credit union I was thinking of going with says their rate is prime plus 3.75%. I don't know about the bank in town. Does this mean the loan will always have that high rate or will it just be higher until the home is finished and will go down to a normal rate? Also, if the rate lowers when the house is finished... Do they base your loan amount on the high rate during construction or the rate you'll Pay after?

submitted by /u/Rockerbaby187
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source https://www.reddit.com/r/RealEstate/comments/ijownf/construction_loans/
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