Construction Loan
Build Your Dream Home.
Park state Bank's Fixed Rate Construction Loan Program
30 YEAR FIXED RATE | 15 YEAR FIXED RATE
ONE TIME CLOSE UP TO ONE YEAR CONSTRUCTION PERIOD
- ONE Origination Fee!
- ONLY Pay MRT Taxes ONCE!
- ONLY Pay Title Insurance Charges ONCE!
- LOCK IN a FIXED rate!
- ONE Set of paperwork & approval process.
- ONE Closing & easy modification after project completion.
- ONE Full year to complete project
30 YEAR EXAMPLE
The Annual Percentage Rate of 8.93% is effective 4/15/2024 and available for a limited time only. Credit Score of 680 or higher required. Maximum combined loan-to-value up to 80% or less. Borrower pays all closing costs.
A typical repayment example on $500,000 loan: Interest on the amount of credit outstanding during the construction period will be paid monthly for 12 months, followed by 359 monthly payments of $3,933.50 and one final payment of $3,937.09.
Payments do not include amount of taxes and insurance premiums, if applicable, the actual payment obligation may be greater. Rates and loans are subject to Park State Bank underwriting guidelines and credit approval. Other qualifying ratios and terms may apply. NMLS #401406
15 YEAR EXAMPLE
The Annual Percentage Rate of 8.01% is effective 4/15/2024 and available for a limited time only. Credit Score of 680 or higher required. Maximum combined loan-to-value up to 80% or less. Borrower pays all closing costs.
A typical repayment example on $350,000 loan: Interest on the amount of credit outstanding during the construction period will be paid monthly for 12 months, followed by 179 monthly payments of $3,294.47 and one final payment of $3,292.73.
Payments do not include amount of taxes and insurance premiums, if applicable, the actual payment obligation may be greater. Rates and loans are subject to Park State Bank underwriting guidelines and credit approval. Other qualifying ratios and terms may apply. NMLS #401406
Also...
- Flexible loan terms during construction
- Free pre-approval
- Locally approved and serviced
- Payments are made to Park State Bank
- Experienced loan professionals
- Easy application process