Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

Construction Loans 101: Adjustable Rates

If you’re considering building a home, one of the more pressing concerns is the rate you’ll receive for a construction loan. For residents of the Carolinas, First Bank* has convenient locations to stop by for a discussion about your construction loan options. With our One-Time Close Construction-to-Permanent loan, you have the potential to build the house of your dreams.

Construction-to-Permanent Loan

First Bank offers a One-Time Close Construction-to-Permanent Loan.** With this loan, the cost of your lot, construction, and permanent mortgage is covered in a single loan. Our construction loan rates vary, but you can choose from a variety of fixed or adjustable rate loan options for your permanent financing.

Our One-Time Close Construction-to-Permanent Loan consists of two phases: the construction phase and the permanent phase.

  1. During the construction phase, you will only make interest payments. When the construction is complete, the permanent phase modifies the loan into a permanent loan.
  2. During the permanent phase, the construction loan will be converted to a permanent loan.

Other benefits of First Bank’s One-Time Close Construction-to-Permanent Loan include:

  • No prepayment penalties
  • A single set of closing costs
  • Flexible use to finance a primary residence
  • Ability to purchase your lot

Benefits of Building a Home

If you are thinking about building a home, consider these benefits:

  • Customization—Building a home gives you the opportunity to make everything look exactly how you want it.
  • Low Maintenance Costs—Because homes are built with all new materials and typically have all new appliances, you will spend less on repairs and updates.
  • Efficiency—As technology improves, new homes are becoming increasingly more energy efficient. When you build a new home, you have the opportunity to include as many green materials as you want.
  • Value—New homes have a longer life expectancy so they typically appraise higher than older homes.

Ready to get started? You can begin your mortgage application or visit a First Bank branch to speak with a mortgage loan expert today.


*Equal Housing Lender. NMLS #474504.

**Loans subject to credit approval.

———
Source:
http://www.investopedia.com/articles/personal-finance/062614/should-you-buy-or-build-home.asp

Trending Topics

Small Business Loan Requirements in North Carolina

Small business loan requirements in North Carolina can vary from one year to the next, from one lending institution to the next and simply from one case to the next. There are however, a lot of common myths about small...

Get a Convenient Student Checking Account Today

Wondering where to get a student checking account? At First Bank, we know that the last thing students need to worry about as they continue their education is managing their money alone. With our Campus Checking...

Essential Homeowner’s Insurance

Life has the ability to catch us off-guard with unanticipated and costly expenses, such as house damage from a fallen tree or basement pipes bursting during the winter season. That’s why homeowner’s insurance...

Current 30 Year Mortgage Rates – South Carolina

If you’re looking for current mortgage rates in SC, it’s a great time to buy! In a recent survey conducted by GoBankingRates, the state ranked 27th in the nation for the lowest average home mortgage. The study...

Best Small Business Bank – North Carolina

If you’re looking for the best small business bank in North Carolina, the search ends with First Bank. First Bank’s doors first opened in 1935 to serve farmers and local businesses when the small town of Troy,...

Small Business Loans in Wilmington, NC

Growing a business can be difficult but rewarding. Whether you are looking to build a new building for your business, move into an existing space, or purchase equipment, First Bank has the right small business loans in...

Best Stress-Free Checking Accounts in Jacksonville, NC

A bank’s objective is to relieve you of the stress associated with managing your money. But sometimes, people can feel like their bank is only adding more stress by making customers jump through hoops just to keep...

What Do I Need to Open a Checking Account?

What do you need to open a checking account? It can vary a little from bank to bank but there are typically some fundamental necessities needed to open a checking account. First Bank has five levels of checking accounts,...

Mortgage Rates 101: Information You Should Know

Acquiring information about mortgage rates is a vital step in the home buying process. Mortgage rates vary based on several factors, such as the amount and type of your loan and your credit score. To get better mortgage...

How Much Should You Have In Savings at Age 25?

If you’re wondering how much you should have in savings by the time you’re 25, you’re already on the right track. At an age where financial independence becomes increasingly more important, how much you...