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Construction Loans

Financing for your land, construction and home mortgage.

One-Time Close Construction-to-Permanent Loan

Building a new home? With a First Bank One-Time Close Construction-to-Permanent Loan, your lot, construction, and permanent mortgage financing can be covered in a single loan.

Details

Features

  • Construction loan financing for up to 12 months with the ability to convert to a permanent loan.
  • Choose from a variety of fixed or adjustable-rate loan programs.

Benefits

  • Interest-only payments during construction.
  • Fixed construction interest rate for 12 months.
  • No prepayment penalties.
  • A single set of closing costs.

Considerations

  • This program is for financing a primary residence or vacation home.
  • May be used to purchase your lot in addition to financing your construction.
  • Allows you to prepay without penalty.
Terms
The One-Time Close Construction-to-Permanent Loan consists of two phases: the construction phase and the permanent phase.Payments of interest only during the construction phase. Then when construction is complete, the loan is modified into a permanent loan.The One-Time Close Construction-to-Permanent Loan is only offered in conjunction with permanent financing. Loans for construction only are offered.
Apply Online
Applying for a First Bank mortgage is fast, easy, and secure. Before you begin, have the following information on hand:

Financial Information

  • Income
  • Assets
  • Expenses

Property Information

  • Estimated purchase price and down payment amount (if buying), or
  • Estimated property value and loan amount (if refinancing)
  • Amount of taxes and insurance associated with property being refinanced
 

Loans subject to credit approval.

For a $200,000 mortgage loan for a term of:

  • 30 years fixed interest rate of 4.75%, with an APR of 4.906%, the monthly payment would be $1,043.29.
  • 15 years fixed interest rate of 4.125%, with an APR of 4.391%, the monthly payment would be $1,491.94.
  • 5 year adjustable rate* of 4.375%, with an APR of 4.527%, the monthly payment would be $ 998.57.
  • 7 year adjustable rate* of 4.5%, with an APR of 4.653%, the monthly payment would be $1,013.37.
  • 10 year adjustable rate* of 4.625%, with an APR of 6.508%, the monthly payment would be $1,028.28
  • Based on 20% down payment and 1% Origination Fee. Payment does not include taxes 
and insurance premiums. The actual payment amount will be greater. These payments are based on recent interest rates and can vary based on individual credit.

    

*Adjustable interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5/1 ARM, 7 years for a 7/1 ARM and 10 years for a 10/1 ARM).

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