Building your dream home just became a little easier.
A traditional mortgage is just one type of home loan. There are situations - such as when you're building a one-of-a-kind house from the ground up - where you might need something different. Our experienced lending team can help you decide on the best route and guide you through the application process.
You can finance a land or lot purchase separately from the construction process. If you're planning to build in the distant future, then a lot/land loan may be the right option for you.
- Competitive rates
- Flexible payment period
- Can purchase land to build a new home or expand your current home
If you're planning to buy land and begin building right away, then you may want to consider a construction loan.
- Shore United offers a convenient construction-to-permanent loan that covers the building process and then converts to a regular mortgage.
- You only need to sign one simple modification agreement to transfer the loan terms from the construction phase to the permanent phase.
- During construction, Shore United distributes funds as each part of the building process takes place.
- A fixed interest rate during the construction phase means no financial surprises - you make interest-only payments on the portion of the loan actually in use.
- When your home is completed, you transition to monthly principal and interest payments like any other mortgage loan.
- One consolidated closing for both loan phases saves you time and holds down closing costs
While it's a good move to sell your current home before buying your next home, that's not always possible.
A bridge loan can provide people who are both sellers and buyers with the short-term funding needed to move forward with a purchase. Here are examples of when a bridge loan may be a good option:
- If you're unable to afford a down payment without selling your existing home.
- If there is an urgent reason why you need to secure a new home.
- If the closing date for your new home is scheduled before the sale of your existing home.
- If you want to stay in your new home, while your current home is being built.