Construction Loan
During the construction of your new home, your materials suppliers and contractors will be paid through a monthly draw. Draws are available for up to 12 months, with monthly interest payments due during construction. We offer very competitive loan fees. Once your home is complete, this loan is converted to a first mortgage loan.
| Features | Benefits |
|---|---|
| Finance up to 80% of construction costs or appraised value, whichever is less. Contingent on prior approval of lender | High loan to value financing |
| Converted to first mortgage real estate or secondary market loan upon completion of construction | Convenient |
| No pre-payment fees | Affordable |
| Competitive fixed interest rate | Peace of mind, affordable |
| Interest payments due monthly | Low payments |
| Terms up to twelve (12) months | Low payments |
| You may access your account information in person, by mail, Telephone Teller and Online Banking | Convenient |
| Apply in person, by mail, or internet | Convenient |
