Construction Mortgages
If you plan to build rather than
buy, our real estate professionals know our market and have many
years of experience to help guide you quickly and easily through
the building process. Our simplified loan program takes you from
construction to permanent financing in one simple process, so you
can concentrate on making important decisions regarding your home,
not your finances.
Our construction mortgages are written at a fixed
rate or variable rate, however, you pay interest-only during the first twelve months.
Our construction mortgages also allow you to borrow a substantial
portion of the land value in addition to construction costs.
 Convertible
Construction Mortgages
This type of mortgage starts out
as a one-year adjustable loan that has a built in conversion option
after the first year and is available through the fifth year. You
have the option to convert to a fixed rate for the remaining life
of the mortgage without cost or a new application. You are not required
to convert, but if you choose to do so you must exercise this option
before the fifth anniversary date of the loan.
These loans can be written for up to 30 years. This
may be a good choice if you plan to sell your home in a few years
or if you prefer the low initial rates of a variable rate loan with
the built-in security of knowing that if rates rise you can lock
into a fixed rate.
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Effective as of 07-02-2008
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Convertible Mortgage/1 Year ARM* (30 year)
(Including Construction) Convertible Mortgage: Option to convert to fixed between 1st and 5th anniversary date at no charge. Call Bank for details. MAXIMUM INCREASE OR DECREASE 2% AT THE TIME OF ANY REVIEW. LIFETIME CAP AT 6%.
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Interest Rate
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Annual Percentage Rate
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Payment per $1000
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Convertible/1 Year ARM 0 pts
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4.375
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4.950
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$5.00
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All rates are subject to change without
notice
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