We're here to help you make good things happen with our Construction-Permanent Loan!
What is a Construction-Permanent Loan?
- Construction-Permanent Loan is one loan that covers both the construction draw period as well as the traditional long-term mortgage financing.
- It’s a consumer mortgage loan used to either build a home from ground up or make substantial renovations to an existing home.
- Once the construction phase is complete a simple modification agreement is used to transfer to the permanent loan.
What are the key features of the Construction-Permanent Loan?
- Interest rate is determined at time of application. Interest only payments during the 12-month construction draw period. You pay interest only on the amount disbursed.
- Monthly principal and interest payments begin after the construction period.
- One settlement with a modification agreement signed after construction to convert to the permanent loan.
Why choose us for your Construction-Permanent Loan?
- The convenience of one loan closing saves you time and money!
- During the construction phase or 12-month draw period, your interest rate will be locked in at a fixed rate
- Our team of experienced lenders will help guide you throughout the entire process.
What do I need to bring with me to apply?
To get started, bring us a copy of your renovations or home plans, a detailed budget, and a contract from a qualified general contractor. As the application process progresses we may ask for additional information such as verification of income, insurance, and a draw schedule.
At Shore United Bank, you can trust that our professional lending team will work for you and help guide you through every step of the way.