Construction Loans
This loan finances the construction of your new home. If construction is completed before the loan term expires, you can:
- Keep paying on the current loan and refinance at the end of the term, or…*
- Refinance as soon as construction is complete*
Bridge Loans
Bridge Loans are short-term loans secured by a mortgage on your current home. It allows you to use the equity from your current home to complete the purchase of your new home – before your current home is sold. This program:
- Is a short-term loan with interest-only payments
- Offers low interest rates
- Is secured by a second mortgage on your existing home
- May include tax-deductible interest (consult your tax advisor)
- Has no closing costs
Current Rates as of: May 23, 2013
| |
Construction Loan |
Bridge Loan |
| Term |
5/1 ARM |
Depends on sale of current home |
| Rate |
7.50% |
7.50% |
| Points |
1 |
1 |
| Processing Fee |
$400 |
$400 |
Other fees incurred may include: Appraisal fee, Survey, Title Commitment, Recording Fee, Flood Certification, Title Company Closing Fee, Tax Certification, Prepaid Expenses.