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Construction Loans NC

Homebuying 2 min read

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The thought of building a new home can be daunting. All that planning. All that work.

And all that money.

At First Bank, we can’t design a floor plan or hang drywall, but we can make that last part a little easier to manage. We offer One-Time-Close Construction to Permanent Loans at all of our North Carolina branch locations as a way of financing your lot, construction, and subsequent mortgage all under one easy-to-manage plan.

One-Time-Close Construction to Permanent Loans

Our One-Time-Close Construction to Permanent Loans offer 12 months of financing through the construction phase with the ability to seamlessly convert to your permanent mortgage once your home is completed. The details of our One-Time-Close Construction to Permanent Loans in North Carolina include:

Applying for a construction loan in North Carolina is easy with First Bank. Simply gather your financial and property information, then contact a loan specialist to get the process underway or apply online.

If you need more information about One-Time-Close Construction to Permanent Loans before you take the next step, that’s not a problem. We have a collection of articles, guides, and tips about home building and construction loans that are sure to answer any questions you may have. You may also use our mortgage calculator or find a North Carolina mortgage specialist near you.

First Bank is also happy to offer One-Time-Close Construction to Permanent Loans with flexible terms and competitive rates to businesses.

Let us help you manage the financing of your construction project. We’ll leave the rest up to you. Apply online today.

Loans subject to credit approval.

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Sources:

Investopedia: http://www.investopedia.com/terms/f/fixedinterestrate.asp

Investopedia: http://www.investopedia.com/terms/a/arm.asp

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How to Get a Home Equity Line of Credit If you are thinking about taking out a loan to finance a major expense, such as home repairs or a kitchen remodel, a home equity line of credit (HELOC) or personal loan could be a good option. With a home equity line of credit, you borrow money from your home’s equity — the difference between the value of your home and what you owe on the mortgage. First Bank is here to help you obtain a HELOC. HELOCs are different from home equity loans. With a HELOC, you are borrowing money on a revolving basis, similar to a credit card, and you can request cash any time you need it by writing a check. HELOCs also typically have variable interest rates, which differ from the fixed interest rate of a home equity loan. The amount you are allowed to borrow depends on the amount of equity you have in your home. It can also be dependent on your income, credit history, and market value of your home. Home Equity Lines of Credit (HELOCs) from First Bank* Home equity lines of credit from First Bank: Revolving sum of money, available as needed over period of time Have low interest rates Can be secured by the equity in your primary or secondary home Can be accessed with specially designed checks that are free of charge May allow interest to be up to 100% tax deductible** If you have more questions about home equity loans or lines of credit, or are ready to apply, visit your local First Bank branch to speak with one of our loan experts. *Member FDIC. Equal Housing Lender. NMLS #474504. Loans subject to credit approval. **First Bank and its representatives do not provide tax advice. Each individual’s tax and financial situation is unique. Individuals should consult their tax advisor for advice and information concerning their particular situation. ———- Sources: Consumer: https://www.consumer.ftc.gov/articles/0227-home-equity-loans-and-credit-lines Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 2 min read
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