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- A construction-to-permanent loan to help build a single family residence.
- Available for first and second homes.
- Construction period averages 9 to 12 months.
- Permanent loan is an adjustable rate product.
- Periodic disbursements during the term of the construction loan.
- One closing for both the construction and permanent mortgage.
- Loan automatically converts to the term loan at the end of the construction period.
- Fixed rate option available at conversion.
- No prepayment penalties for early pay off or pay down.
- Interest rate on the long-term mortgage can be locked up front reducing interest rate change risk.
Things to Consider
- Contractor or subcontractor delays.
- Unexpected construction costs or house plan changes can require loan increases.
- Adjustable rate may increase rate and payment after fixed period.
* Loans subject to credit and collateral approval, restrictions apply.
This page was last modified on Thu Mar 06 23:43:24 MST 2014