Building on your own lot can save you a fortune in the long run. You can reduce your interest rate by tearing down your existing home on the lot and putting the equity towards a down payment. During the project, you will receive a Construction-to-Permanent loan that works much like a mortgage, but it pays out in installments as the home is built instead of all at once and by the end of the project the loan is not much more different from a mortgage. While the loan may have the same rates and terms as a mortgage, there are also certain benefits you receive during the course of the project: rolling payments during construction, adding allowances to allow for additions such as adding a patio or proper landscaping and much more.
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