with our One-Time Close
Construction to Permanent Loan
North Shore Trust and Savings offers a single close construction to permanent loan. The construction term is included in the term of the loan. For example, if construction takes 9 months to complete and the loan term is 30 years; then at the end of 9 months the loan is modified to a fixed rate or Adjustable Rate Mortgage (ARM) for 351 months. Borrowers save money because with one closing covering both the construction and the end loan mortgage, you only pay closing costs one time.
Flexible options on construction terms depending on the size of the project. Construction period can range from 6 months to 18 months.
You and your builder decide the number of payouts needed during the construction term. Construction loans typically have 3 payouts. Every payout has a cost associated with it for the appraisal reinspection of the property to verify the work was completed, and the title company disburses the funds. Both the appraiser and the title company charge a fee. For more information contact one of our Loan Officers.