Construction / Permanent Loan
New Home Construction Loans
If you decide to build your home, Traditions Mortgage offers a Construction Loan product to assist you with the construction of a new home with as low as a 5% down payment. With competitive rates and terms, this Loan takes you from ground breaking through the building process with interest-only payments due on the balance of the funds drawn each month for up to nine months. Traditions Mortgage is dedicated to exquisite service, and the Traditions Mortgage team will work closely with you and your builder, staying involved throughout the process.
What happens to my loan after construction is complete?
After the construction is complete, the loan converts to a Permanent Mortgage for the life of the loan. There’s no need for an additional settlement, making the move into your new home less stressful.
If you are thinking about constructing a new home, speak with a Traditions Mortgage Partner today about a Construction/Permanent Loan.