New Construction Home Loan Special
Are you ready to turn those plans into your home? Available for a limited time, Bank Forward’s New Construction Home Loan Special offers a 2.99% interest rate (5.75% APR*).
Fast, Friendly, Local – Home Loans Done Right
Our Mortgage Team is ready to help you build your new home. The New Construction Home Loan Special is a short-term loan (12 months or less) with interest-only payments during the home construction period. The funds are disbursed to your builder as the work progresses, and your monthly interest-only payment is based on the loan funds distributed to date.
When your home is complete, our team can work with you to refinance the construction loan to a conventional fixed-rate or an adjustable rate-mortgage loan that meets your needs.
*Fixed annual percentage rate (APR). Applies to credit qualified customers for new construction of a primary or secondary residence only. Manufactured and investment homes are not eligible. Minimum 20% down payment. Maximum 12-month with interest-only payments. Additional terms and conditions may apply. See a loan officer for details.
Example: A $200,000 loan with $100,000 advanced with a 12-month term results in 11 monthly interest-only payments of approximately $249.17 and a balloon payment of $200,249.17. Payments don’t include property taxes or hazard insurance, and the actual obligations will be greater.
"A relationship between borrower and banker is built on understanding your needs, developing trust, and structuring the right lending solutions to satisfy your needs" Tory Hart