PrimeLending New Construction Loans.
Financing your very own custom home from the ground up is a little different. It’s a two-step financing 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 regular mortgage at the most favorable terms possible. Advantages include:
- We’ll lock the interest rate for your second refinance loan up to 9 months. This protects you against rate increases, and the lock fee will be refunded when the loan closes.
- Your first loan will come with a fixed rate and you only pay interest on money used for construction, not the entire loan amount.
- When you refinance your initial loan to your regular home mortgage, you’ll receive closing cost credits that may result in low or no cost refinancing.
We’ll keep the loan process simple.
From deciding where to put light switches to picking out colors and appliances, you’ll have plenty to think about. So we'll take any concerns about financing off your mind. The PrimeLending home loan experience offers hassle-free document submissions, clear communication, personal guidance and a fast, efficient closing*. We’ll be by your side every step of the way to ensure you stay informed and your home loan stays on track.
As soon as you’re ready to get started, or to just learn more, call or send us an email. From start to finish, we’ll work with you every step of the way.
*On time closing and fast processing is dependent on many factors including receiving timely documentation from the borrower.