PRIMELENDING CONSTRUCTION LOANS
Financing your very own custom home from the ground up is a little different. It’s a two-step process where you first obtain a temporary loan to get the project started, then when construction is complete, you refinance your initial loan to get your permanent mortgage at the most favorable terms possible. Advantages include:
Locate land or a lot you would like to build your future home. PrimeLending will finance the the purchase of the land or lot, then combine it with your construction budget to issue you a Construction Loan good for 12 months.
Once lot is purchased, construction commences. Your builder will receive draws from PrimeLending for work performed and for material costs needed for the next phase. Your payment is calculated on the balance that has been disbursed.
At completion of the construction, we will refinance your Construction Loan into a permanent loan. Time to move in and enjoy your Dream Home!
HOME CONSTRUCTION LOAN DETAILS
- 12 Month Construction Time
- Construction Loan is a 12 month Interest Only Balloon loan
- At end of construction, we will refinance the Construction Loan into a Conventional 30 year Fixed Loan or other traditional loan desired
- Construction Loan rates are based on the Prime Rate + a margin that will fluctuate based on your scenario
- We can combine the purchase of the desired lot of land and the home construction all into one loan
- If you own the lot of land already, we will give you equity for what you own
- Our loans will allow for the financing of a Modular Home purchase
PRIMELENDING MODULAR HOME LOANS
Are you looking for a loan or mortgage to buy a Modular Home, Log Cabin, or similar? With PrimeLending’s Modular Home Loan via our Construction Loan program, we can help you finance the cost of your Modular Home from start to finish. If you don’t own the land yet, no problem! We can assist you with the financing to purchase the land in tandem with the Modular Home Loan. Contact us to get more details!