loader image

Home Construction Loan

[section title_sub_title_alignment=”left” wp_rem_cs_section_background_option=”section-custom-background-image” wp_rem_cs_section_bg_image=”https://myenclave.com/wp-content/uploads/2019/01/new-construction-home-2.jpg” wp_rem_cs_section_bg_image_position=”no-repeat center / cover” wp_rem_cs_section_video_mute=”yes” wp_rem_cs_section_video_autoplay=”yes” wp_rem_cs_section_padding_top=”60″ wp_rem_cs_section_padding_top_mobile=”0″ wp_rem_cs_section_padding_bottom=”30″ wp_rem_cs_section_padding_bottom_mobile=”0″ wp_rem_cs_section_border_color=”#e0e0e0″ wp_rem_cs_section_margin_top=”0″ wp_rem_cs_section_margin_top_mobile=”0″ wp_rem_cs_section_margin_bottom=”0″ wp_rem_cs_section_margin_bottom_mobile=”0″ wp_rem_cs_section_nopadding=”yes” wp_rem_cs_section_parallax=”yes” wp_rem_cs_section_nomargin=”yes” wp_rem_cs_section_view=”container” wp_rem_cs_sidebar_left=”blog-sidebar” wp_rem_cs_sidebar_right=”blog-sidebar” wp_rem_cs_sidebar_left_second=”blog-sidebar” wp_rem_cs_sidebar_right_second=”blog-sidebar”][wp_rem_cs_column flex_column_element_size=”100″ wp_rem_var_column_align=”align-left” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ]

Build your dream home

Presented by:

[/wp_rem_cs_column][wp_rem_cs_image_frame image_frame_element_size=”100″ wp_rem_var_image_title_align=”align-left” wp_rem_cs_var_img_align=”center” wp_rem_cs_var_img_style=”simple” wp_rem_cs_var_frame_image_url_array=”https://myenclave.com/wp-content/uploads/2019/01/CountrySide-Bank-Logo.png” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ][/wp_rem_cs_image_frame][/section][section title_sub_title_alignment=”left” wp_rem_cs_section_background_option=”no-image” wp_rem_cs_section_bg_image_position=”no-repeat center top” wp_rem_cs_section_video_mute=”yes” wp_rem_cs_section_video_autoplay=”yes” wp_rem_cs_section_bg_color=”#ffffff” wp_rem_cs_section_padding_top=”60″ wp_rem_cs_section_padding_top_mobile=”0″ wp_rem_cs_section_padding_bottom=”30″ wp_rem_cs_section_padding_bottom_mobile=”0″ wp_rem_cs_section_border_color=”#e0e0e0″ wp_rem_cs_section_margin_top=”0″ wp_rem_cs_section_margin_top_mobile=”0″ wp_rem_cs_section_margin_bottom=”0″ wp_rem_cs_section_margin_bottom_mobile=”0″ wp_rem_cs_section_nopadding=”yes” wp_rem_cs_section_parallax=”yes” wp_rem_cs_section_nomargin=”yes” wp_rem_cs_section_view=”container” wp_rem_cs_sidebar_left=”blog-sidebar” wp_rem_cs_sidebar_right=”blog-sidebar” wp_rem_cs_sidebar_left_second=”blog-sidebar” wp_rem_cs_sidebar_right_second=”blog-sidebar”][wp_rem_cs_column flex_column_element_size=”100″ wp_rem_var_column_align=”align-center” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ]

One application. One loan. One closing.

Let’s work together to put your home building plans in motion!  At Countryside Bank, we understand Chicago area’s real estate and construction markets, and the nuances of first acquiring a specific piece of land and then building your home. With so many details involved as you put a plan in motion, it’s important to have people you trust in your corner. We offer three types of loans to meet your home building needs: 

[/wp_rem_cs_column][/section][section title_sub_title_alignment=”left” wp_rem_cs_section_background_option=”section-custom-background-image” wp_rem_cs_section_bg_image=”https://myenclave.com/wp-content/uploads/2018/10/Blueprint-2.jpg” wp_rem_cs_section_bg_image_position=”repeat center top” wp_rem_cs_section_video_mute=”yes” wp_rem_cs_section_video_autoplay=”yes” wp_rem_cs_section_bg_color=”#ffffff” wp_rem_cs_section_padding_top=”60″ wp_rem_cs_section_padding_top_mobile=”0″ wp_rem_cs_section_padding_bottom=”30″ wp_rem_cs_section_padding_bottom_mobile=”0″ wp_rem_cs_section_border_color=”#e0e0e0″ wp_rem_cs_section_margin_top=”0″ wp_rem_cs_section_margin_top_mobile=”0″ wp_rem_cs_section_margin_bottom=”0″ wp_rem_cs_section_margin_bottom_mobile=”0″ wp_rem_cs_section_nopadding=”yes” wp_rem_cs_section_parallax=”yes” wp_rem_cs_section_nomargin=”yes” wp_rem_cs_section_view=”container” wp_rem_cs_sidebar_left=”blog-sidebar” wp_rem_cs_sidebar_right=”blog-sidebar” wp_rem_cs_sidebar_left_second=”blog-sidebar” wp_rem_cs_sidebar_right_second=”blog-sidebar”][wp_rem_cs_column flex_column_element_size=”100″ wp_rem_cs_var_column_section_title=”Let us put your home building plans into motion” wp_rem_var_column_align=”align-center” wp_rem_cs_var_column_bottom_padding=”50″ wp_rem_cs_var_column_title_color=”#ffffff” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ]

The Countryside Bank Single Close Loan is all about your convenience. Single Close means one application – start to finish. You sign one set of loan documents, this eliminates the need for multiple loans to get you into your new home. With a Single Close Loan, you can purchase the land for your home and begin construction. When construction is complete, the loan automatically converts to a permanent mortgage loan, saving considerable time and money. The construction period is up to 12 months to allow time to build your new home. Even if you are not ready to build, please talk to us about a Consumer Lot Acquisition Loan that can later be financed into a Single Close Loan. 

[/wp_rem_cs_column][icon_box icon_box_element_size=”100″ wp_rem_cs_var_icon_boxes_element_alignment=”align-left” wp_rem_cs_title_color=”#000000″ wp_rem_cs_icon_box_icon_color=”#000000″ wp_rem_cs_var_icon_box_icon_size=”icon-2x” wp_rem_cs_var_icon_box_view=”boxed” wp_rem_cs_icon_box_content_align=”top-center” wp_rem_cs_var_icon_box_column=”3″ wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ][icon_boxes_item wp_rem_cs_var_icon_box_title=”The Countryside Bank Guarantee ” wp_rem_cs_var_icon_boxes_icon=”icon-shield2″ wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”icon” ]We guarantee to make a decision on your Single Close Loan application within one week, or we will give you $2,500*. [/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”No ongoing fees” wp_rem_cs_var_icon_boxes_icon=”icon-money_off” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”icon” ]Other banks may charge you each time you draw on your loan, and also may place limits on the number of times you can draw money out. At Countryside Bank we do not charge for draws, AND they are unlimited, so draw as often as you like – it’s your money![/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”Interest savings” wp_rem_cs_var_icon_boxes_icon=”icon-bank” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”icon” ]Other banks may charge interest on the entire loan amount. At Countryside Bank you will only pay interest on the portion of the loan you have drawn, not the whole loan commitment.  You will also save both time and money with one loan qualification and one set of closing costs.[/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”Proven experience” wp_rem_cs_var_icon_boxes_icon=”icon-user-tie” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”icon” ]For over 40 years Countryside Bank has specialized in construction – we do hundreds of construction loans in the Chicagoland area each year.[/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”Rate Lock” wp_rem_cs_var_icon_boxes_icon=”icon-lock4″ wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”icon” ]Lock in your permanent mortgage interest rate up to one year in advance, protecting you against rising rates. Your mortgage loan rate will be locked at your Single Close Loan approval.[/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”Payment flexibility” wp_rem_cs_var_icon_boxes_icon=”icon-credit-card2″ wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”icon” ]During construction, your monthly payments will be for interest only on the portion of the loan you use to build your home. If you have a large enough down payment, your monthly payments could be paid from your interest reserve.[/icon_boxes_item][/icon_box][/section][section title_sub_title_alignment=”left” wp_rem_cs_section_background_option=”no-image” wp_rem_cs_section_bg_image_position=”no-repeat center top” wp_rem_cs_section_video_mute=”yes” wp_rem_cs_section_video_autoplay=”yes” wp_rem_cs_section_bg_color=”#ffffff” wp_rem_cs_section_padding_top=”60″ wp_rem_cs_section_padding_top_mobile=”0″ wp_rem_cs_section_padding_bottom=”30″ wp_rem_cs_section_padding_bottom_mobile=”0″ wp_rem_cs_section_border_color=”#e0e0e0″ wp_rem_cs_section_margin_top=”0″ wp_rem_cs_section_margin_top_mobile=”0″ wp_rem_cs_section_margin_bottom=”0″ wp_rem_cs_section_margin_bottom_mobile=”0″ wp_rem_cs_section_nopadding=”yes” wp_rem_cs_section_parallax=”yes” wp_rem_cs_section_nomargin=”yes” wp_rem_cs_section_view=”container” wp_rem_cs_sidebar_left=”blog-sidebar” wp_rem_cs_sidebar_right=”blog-sidebar” wp_rem_cs_sidebar_left_second=”blog-sidebar” wp_rem_cs_sidebar_right_second=”blog-sidebar”][icon_box icon_box_element_size=”100″ wp_rem_cs_var_icon_boxes_title=”The Construction Loan Process” wp_rem_cs_var_icon_boxes_element_alignment=”align-center” wp_rem_cs_var_icon_box_icon_size=”icon-1x” wp_rem_cs_var_icon_box_view=”modern” wp_rem_cs_icon_box_content_align=”top-center” wp_rem_cs_var_icon_box_column=”3″ wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ][/icon_box][spacer spacer_element_size=”25″ wp_rem_cs_var_spacer_height=”25″ ][/spacer][icon_box icon_box_element_size=”100″ wp_rem_cs_var_icon_boxes_element_alignment=”align-left” wp_rem_cs_var_icon_box_icon_size=”icon-1x” wp_rem_cs_var_icon_box_view=”modern” wp_rem_cs_icon_box_content_align=”top-center” wp_rem_cs_var_icon_box_column=”3″ wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ][icon_boxes_item wp_rem_cs_var_icon_box_title=”Pre-Qualification” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”image” wp_rem_cs_var_icon_box_image=”https://myenclave.com/wp-content/uploads/2017/12/illustration-modern-home-financing.svg” ]Before you start the process, receive a pre-qualification for our preferred new construction lender. This way, you know what your maximum loan and lowest interest rate amount can be.[/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”Site Selection” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”image” wp_rem_cs_var_icon_box_image=”https://myenclave.com/wp-content/uploads/2019/01/Site-Selection.png” ]Choose from a pre-qualified list of possible sites for your home and find the perfect school district, commute to work, proximity to family and other important factors.[/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”Costs & Budget” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”image” wp_rem_cs_var_icon_box_image=”https://myenclave.com/wp-content/uploads/2019/01/Costs-Budget.png” ]Work with our vetted professional builder and architect to create your plans and budget. Our builder’s are already approved and have existing homes to show you during your design process. [/icon_boxes_item][/icon_box][spacer spacer_element_size=”25″ wp_rem_cs_var_spacer_height=”25″ ][/spacer][icon_box icon_box_element_size=”100″ wp_rem_cs_var_icon_boxes_element_alignment=”align-left” wp_rem_cs_var_icon_box_icon_size=”icon-1x” wp_rem_cs_var_icon_box_view=”modern” wp_rem_cs_icon_box_content_align=”top-center” wp_rem_cs_var_icon_box_column=”3″ wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ][icon_boxes_item wp_rem_cs_var_icon_box_title=”Appraisal” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”image” wp_rem_cs_var_icon_box_image=”https://myenclave.com/wp-content/uploads/2019/01/Balance.png” ]We will order an appraisal once after you select your specifications and building plans from your developer and we receive the fully executed contract. 

[/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”Approval” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”image” wp_rem_cs_var_icon_box_image=”https://myenclave.com/wp-content/uploads/2017/12/illustration-pre-approval-1.svg” ]Once all the required documentation needed to complete the application is submitted, you will receive a decision within one week or we will pay you $2,500* At approval you will also lock in the interest rate on your permanent mortgage.[/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”Closing” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”image” wp_rem_cs_var_icon_box_image=”https://myenclave.com/wp-content/uploads/2019/01/Bank.png” ]Once the acceptable appraisal is received and all closing requirements are met, your loan closing will usually take place within two weeks.** Your down payment or equity is required at time of closing.[/icon_boxes_item][/icon_box][wp_rem_cs_column flex_column_element_size=”33″ wp_rem_var_column_align=”align-left” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ][/wp_rem_cs_column][icon_box icon_box_element_size=”100″ wp_rem_cs_var_icon_boxes_element_alignment=”align-left” wp_rem_cs_var_icon_box_icon_size=”icon-1x” wp_rem_cs_var_icon_box_view=”modern” wp_rem_cs_icon_box_content_align=”top-center” wp_rem_cs_var_icon_box_column=”3″ wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ][icon_boxes_item wp_rem_cs_var_icon_box_title=”Sell or Lease your Current Home” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”image” wp_rem_cs_var_icon_box_image=”https://myenclave.com/wp-content/uploads/2017/12/illustration-finance.svg” ]If you currently own a home, you may not have to sell it before you build a new one. Close on a Single Close Loan and have up to 12 months to sell or lease your current home prior to loan modification.[/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”Construction Phase” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”image” wp_rem_cs_var_icon_box_image=”https://myenclave.com/wp-content/uploads/2018/12/Inspection-2.png” ]Enjoy a construction phase of up to 12 months with interest only payments while you complete your new home. You will be charged interest only on the funds you use. Our preferred developer has averages only 6 months.[/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”Move-In and Mortgage” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”image” wp_rem_cs_var_icon_box_image=”https://myenclave.com/wp-content/uploads/2019/01/Isometric-House.png” ]Once construction is complete you may move in. You pay interest only until your Certificate of Occupancy*** is issued and delivered to the bank, at the time your loan will convert to a traditional mortgage at the rate you locked.[/icon_boxes_item][/icon_box][spacer spacer_element_size=”25″ wp_rem_cs_var_spacer_height=”25″ ][/spacer][wp_rem_cs_column flex_column_element_size=”100″ wp_rem_var_column_align=”align-left” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ]*One week time period begins once your application is complete and all income, assets and credit documents have been provided. If the $2,500 is paid out, it will be as an interest credit after the Single Close Loan has closed at Countryside Home Loans, a Division of Countryside Bank. **You can not closee on your loan until you have received all your permits. ***When you receive your Certificate of Occupancy or at 12 months, whichever comes first, your loan will convert to a permanent mortgage. [/wp_rem_cs_column][/section][section wp_rem_cs_var_section_title=”Loan Terms” title_sub_title_alignment=”center” wp_rem_cs_section_background_option=”no-image” wp_rem_cs_section_bg_image_position=”no-repeat center top” wp_rem_cs_section_video_mute=”yes” wp_rem_cs_section_video_autoplay=”yes” wp_rem_cs_section_padding_top=”60″ wp_rem_cs_section_padding_top_mobile=”0″ wp_rem_cs_section_padding_bottom=”30″ wp_rem_cs_section_padding_bottom_mobile=”0″ wp_rem_cs_section_border_color=”#e0e0e0″ wp_rem_cs_section_margin_top=”0″ wp_rem_cs_section_margin_top_mobile=”0″ wp_rem_cs_section_margin_bottom=”0″ wp_rem_cs_section_margin_bottom_mobile=”0″ wp_rem_cs_section_nopadding=”yes” wp_rem_cs_section_parallax=”yes” wp_rem_cs_section_nomargin=”yes” wp_rem_cs_section_view=”container” wp_rem_cs_sidebar_left=”blog-sidebar” wp_rem_cs_sidebar_right=”blog-sidebar” wp_rem_cs_sidebar_left_second=”blog-sidebar” wp_rem_cs_sidebar_right_second=”blog-sidebar”][wp_rem_cs_column flex_column_element_size=”50″ wp_rem_var_column_align=”align-left” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ]

Single Close Terms

  • Minimum 15% down as long as maximum loan to value (LTV) doesn’t exceed the maximum for the loan amount
  • During construction, you will make interest-only payments based on your construction loan rate
  • Upon our receipt of your Certificate of Occupancy the loan converts to your permanent mortgage rate with principal and interest payments
  • Minimum Loan amount $453,100
  • Construction period** 12 months
  • Permanent mortgage 3/1, 5/1, 7/1 or 10/1 ARM

[/wp_rem_cs_column][wp_rem_cs_column flex_column_element_size=”50″ wp_rem_var_column_align=”align-left” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ]

Consumer Lot Acquisition Loan Terms

  • Interest only payments
  • Maximum term up to 12 months (must be intending to build at time of purchase)
  • Maximum LTV 75% of appraised value
  • If you roll into a Single Close Loan, you Lot Loan origination fee will be credited to your Single Close origination fee – there will be no duplicate charge 

[/wp_rem_cs_column][/section][section title_sub_title_alignment=”left” wp_rem_cs_section_background_option=”no-image” wp_rem_cs_section_bg_image_position=”no-repeat center top” wp_rem_cs_section_video_mute=”yes” wp_rem_cs_section_video_autoplay=”yes” wp_rem_cs_section_bg_color=”#ffffff” wp_rem_cs_section_padding_top=”60″ wp_rem_cs_section_padding_top_mobile=”0″ wp_rem_cs_section_padding_bottom=”30″ wp_rem_cs_section_padding_bottom_mobile=”0″ wp_rem_cs_section_border_color=”#e0e0e0″ wp_rem_cs_section_margin_top=”0″ wp_rem_cs_section_margin_top_mobile=”0″ wp_rem_cs_section_margin_bottom=”0″ wp_rem_cs_section_margin_bottom_mobile=”0″ wp_rem_cs_section_nopadding=”yes” wp_rem_cs_section_parallax=”yes” wp_rem_cs_section_nomargin=”yes” wp_rem_cs_section_view=”container” wp_rem_cs_sidebar_left=”blog-sidebar” wp_rem_cs_sidebar_right=”blog-sidebar” wp_rem_cs_sidebar_left_second=”blog-sidebar” wp_rem_cs_sidebar_right_second=”blog-sidebar”][wp_rem_cs_faq faq_element_size=”100″ wp_rem_cs_var_faq_main_title=”Frequently Asked Questions” wp_rem_var_faq_align=”align-center” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ][faq_item wp_rem_cs_var_faq_active=”no” wp_rem_cs_var_faq_title=”Where is my decision made? ” wp_rem_cs_var_icon_box_group=”default” ]

Your decision is made locally at Countryside Bank, our employees and ownership live in the communities we serve. 

[/faq_item][faq_item wp_rem_cs_var_faq_active=”no” wp_rem_cs_var_faq_title=”What is the minimum/maximum loan amount?” wp_rem_cs_var_icon_box_group=”default” ]The minimum is $453,100 and the maximum is $2.5 million[/faq_item][faq_item wp_rem_cs_var_faq_active=”no” wp_rem_cs_var_faq_title=”When will my loan close? ” wp_rem_cs_var_icon_box_group=”default” ]After approval we guarantee your loan will fund within two weeks or we will pay you $2,500*.  [/faq_item][faq_item wp_rem_cs_var_faq_active=”no” wp_rem_cs_var_faq_title=”Who approves the draws on my loan?” wp_rem_cs_var_icon_box_group=”default” ]You do.  When the contractor needs money for materials, labor, etc., you will approve the draw to pay them. [/faq_item][faq_item wp_rem_cs_var_faq_active=”no” wp_rem_cs_var_faq_title=”Do I pay a fee when draws are made? ” wp_rem_cs_var_icon_box_group=”default” ]There is no cost for the first 12 draws. There may be additional costs after the 12th draw.  See your Lender for details.  [/faq_item][faq_item wp_rem_cs_var_faq_active=”no” wp_rem_cs_var_faq_title=”How is the interest calculated?” wp_rem_cs_var_icon_box_group=”default” ]

You will only pay interest on the portion of the loan you are using for construction.  After your home is built, this loan will convert into an amortizing mortgage at a rate you have already locked in. 

[/faq_item][faq_item wp_rem_cs_var_faq_active=”no” wp_rem_cs_var_faq_title=”Do I need to escrow and/or sign up for auto payment? ” wp_rem_cs_var_icon_box_group=”default” ]Only in limited circumstances are these required, however you will receive a discount on your interest rate if you do.[/faq_item][faq_item wp_rem_cs_var_faq_active=”no” wp_rem_cs_var_faq_title=”My builder has mentioned draws, what is a draw?” wp_rem_cs_var_icon_box_group=”default” ]

A draw is when you withdraw money from you loan to pay toward construction costs. 

[/faq_item][/wp_rem_cs_faq][/section][section title_sub_title_alignment=”left” wp_rem_cs_section_background_option=”no-image” wp_rem_cs_section_bg_image_position=”no-repeat center top” wp_rem_cs_section_video_mute=”yes” wp_rem_cs_section_video_autoplay=”yes” wp_rem_cs_section_bg_color=”#000000″ wp_rem_cs_section_padding_top=”60″ wp_rem_cs_section_padding_top_mobile=”0″ wp_rem_cs_section_padding_bottom=”30″ wp_rem_cs_section_padding_bottom_mobile=”0″ wp_rem_cs_section_border_color=”#e0e0e0″ wp_rem_cs_section_margin_top=”0″ wp_rem_cs_section_margin_top_mobile=”0″ wp_rem_cs_section_margin_bottom=”0″ wp_rem_cs_section_margin_bottom_mobile=”0″ wp_rem_cs_section_nopadding=”yes” wp_rem_cs_section_parallax=”yes” wp_rem_cs_section_nomargin=”yes” wp_rem_cs_section_view=”container” wp_rem_cs_sidebar_left=”blog-sidebar” wp_rem_cs_sidebar_right=”blog-sidebar” wp_rem_cs_sidebar_left_second=”blog-sidebar” wp_rem_cs_sidebar_right_second=”blog-sidebar”][wp_rem_cs_column flex_column_element_size=”100″ wp_rem_cs_var_column_section_title=”Start the search for your dream home” wp_rem_var_column_align=”align-center” wp_rem_cs_var_column_title_color=”#ffffff” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ]

We've partnered with the most experienced developers to offer existing builds as well as future build properties. 

[/wp_rem_cs_column][/section]

X