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.

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