If your in the market for a construction loan, you found the right place. My team and I have been a leading provider of construction financing in Michigan. If you have done any shopping for a construction loan, you have probably discovered that many lenders have either eliminated construction lending programs or offer options that are not competitive and at best are inflexible.
I have been in Mortgage Banking since 1991 and have been actively involved in construction lending for my entire career. In addition, I too have custom built a home, so I understand the entire building process from start to finish. Just like the process of selecting a builder, you want a mortgage banker that is experienced and has all of the tools available to insure you get the right loan at the most favorable terms and options available.
Here are some of the highlights of our construction lending products:
- One Closing – When you close, you close on both your construction loan and permanent long term mortgage at the same time. This eliminates the need for an additional mortgage upon completion of your home.
- One Set of Cost – Because you only close one time, you have one set of closing cost for both your construction loan and permanent mortgage. This can save you thousands of dollars compared to other lenders.
- Guaranteed Interest Rate Upfront – Your interest rate is locked in and guaranteed at the time you close your construction loan. This eliminates the need to worry about what happens to rates during construction. Best of all, you can lock in today’s low fixed rates!
- Flexible Construction Terms - We offer flexible construction terms that give you anywhere from 8 to 12 months to compete construction of your home depending on the needs of you and your builder.
- Float Down Options – If rates are lower upon completion of your home, we offer the ability to take advantage of lower rates upon completion. Some restriction do apply, see us for details.
- Payment Reduction Options – Maybe your home comes in under budget. In cases where you do not borrow the entire construction loan amount available, we will modify your payment to reflect the amount you borrowed in total. This often times results in a lower monthly payment.
- Builder Approval – We will review your builders credentials, references and overall experience to help insure your builder can successfully complete your project as anticipated.
- Interest Only Payments – Low interest only payments on your construction loan during the course of construction. Payments are based on the amount the builder has drawn toward completion and collected monthly.
- Low Down Payments – We offer down payment options as low as 5% for well qualified borrowers. Some restrictions may apply, call us for details.
- NO or Reduced PMI options - If you will have a down payment of less than 20%, we offer options that either eliminate or reduce the cost of mortgage insurance, call us for details.
- Bridge Loans – Well qualified clients who have not sold their current home, may be eligible for a bridge loan which will allow them to start construction on their new home prior to their current home being sold. This program offers flexible payment schedules.
Want to know more about construction loans and options? Click here to visit the construction lending portion of our website.
We offer a no-cost pre-approval. With our pre-approval, we will help you determine monthly payments, down payment requirements and which loan option may work best for you. Click here to start our online application free of charge or obligation.
Need a referral to a well qualified builder? We work with some of the best in West Michigan contact us and we will be happy to get you connected with a well qualified builder
