loans are used to construct a building or for improvements of
real property, and the land and improvements stand as collateral
for the loan.
approved for a construction loan can be tricky, In many cases,
two loans are required: one for construction and one for permanent
financing. Usually you will have to pay closing costs on both
loans, not to mention the extra paper work, time, and hassle
involved. We offer our Construction to Permanent (CTP) loans
that combine both construction and permanent financing into
Available for either your primary residence or second home,
this is the perfect loan for the homeowner looking to do a major
remodel of their existing home or the purchase and ground up
construction of a new home. This program allows for a construction
period of 6 to 12 months. And when your project is complete,
the loan simply converts to a permanent mortgage.
Rate Improvement Option: Our 15 and 30 year fixed rate loans,
as well as our 3/1 adjustable rate loans all offer a rate improvement
option. Simply put, your interest rate during construction is
also your maximum permanent interest rate, providing you protection
against interest rate volatility during your construction period.
And if interest rates go down during your construction period,
the Rate Improvement Option allows your interest rate to roll
down to current market rates at the time your loan converts
to permanent, all with no additional cost. It's the best of