loans are used to construct a building or for improvements
of real property, and the land and improvements stand
as collateral for the loan.
getting 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 one loan.
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 both worlds.