Construction loans are offered with 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, 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 one of our mortgage loan specialists for more information and to start your application today!