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

One-Time-Close Construction to Permanent Loan

Whether you’re building or adding on, we’ll help you get creative.

Access a loan that’s constructed for homebuilders.

Building a house is a complex process, but First Bank’s One-Time-Close Construction to Permanent Loan takes the hassle out of the financing. Get a single loan and only pay closing costs once for your lot, construction and permanent mortgage.

Perfect for you if:
  • You are building from the ground up.
  • You are financing a primary residence or vacation home.
  • You only want to make interest payments during construction.

Loan 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.

Loan 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 loan consists of two phases: the construction phase and the permanent phase.
  • Payments are of interest only during the construction phase.
  • When construction is complete, the loan is modified into a permanent loan.
  • Only offered in conjunction with permanent financing.

Apply online today

Applying for a First Bank mortgage is fast, easy and secure. Before you begin, have the following information on hand.

Financial Information
  • Income
  • Your total assets
  • Monthly expenses
Property Information
  • Estimated purchase price and down payment amount (if buying)
  • Estimated property value and loan amount (if refinancing)
Work with a local mortgage specialist

Loans are subject to credit approval.

Trending Topics

Asheville Savings

First Bank in Asheville offers savings accounts for anyone looking to get the most out of their money. Whether you’re under 18 and just starting to learn about saving or saving for your future retirement, First Bank has a...

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 college tuition, a home equity line of credit (HELOC) or loan could be a good option. With a home equity line of credit, you...

Rental Property Mortgage Rates – Florence, SC

Owning a rental property is a popular way to build some equity, qualify for tax benefits and earn some easy cash.* In Florence, SC, competitive rental property mortgage rates can be found at our First Bank locations on...

How to Open a Checking Account – South Carolina

If you are wondering how to open a checking account in South Carolina, your local First Bank can help. The first step is deciding what type of checking account is best for you. After choosing an account that fits your...

Compare First Bank Checking Accounts

If you’ve begun the process to compare bank accounts, it’s important that you review the options that differentiate them. Fortunately, you have a local partner in First Bank — a bank that offers a variety of checking...

Save Money with This Refinance Calculator for Home Mortgages

When mortgage interest rates are low, homeowners should compare their current mortgage terms with the option of refinancing. By locking in the right rate, homeowners can take advantage of significant savings. Curious to...

11 Easy Tips for Saving Money

Saving money is important if you want to be prepared for future financial surprises or hardships and establish peace of mind. But sometimes, finding extra funds to set aside is a challenge. These simple money saving tips...

Best Personal Loans in Albemarle, NC

Are you in the market for an engagement ring and looking for a place to get the best personal loan? If so, you may need to take out a personal loan to finance it. While most major jewelry stores have financing programs,...

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...

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...