Construction loans are offered with a choice of variable rate and fixed rate financing. One time closing is available on construction/permanent mortgage loans. The Annual Adjustable Rate Mortgage is amortized fully over the life of the loan. Interest rate changes will occur every 12 months, after a fixed rate period of either 1, 3, 5 or 7 years, at which time the mortgage payments will be adjusted to amortize the loan over the remaining term of the mortgage. Some ARMs have conversion rates. Interest rate changes are capped at 2% annually and 6% over the life of the loan.
Fixed Rate Conversion Options are available upon request.
Please contact an United Bank Loan Officer for more information and start your application today!