As the economy recovers, time is running out to take advantage of the silver lining of the recessionary cloud. Soon loan interest rates will increase from their historic lows, contractors will see business picking back up, and discounts will be discontinued. If you’ve been thinking about building a new home and are waiting for the right time, don’t wait any longer. The time is now.
Bank of American Fork is offering 3.99% owner-occupied consumer construction loans (14.04% estimated APR*) to help you build your dream home. Construction loans include:
–Low, fixed rate for the 4-month term† of the loan; the payment will increase as the balance increases
–1.5% origination fee‡
–An interest reserve will be set up to make the monthly interest payments during the 4-month term
–A balloon payment at the end of 4 months
–Multiple, free draws
You can save thousands more with no long-term mortgage origination fee when you get both your construction and mortgage loans from Bank of American Fork.* Sweeten the deal by purchasing a bank-owned deeply discounted lot and your savings are even greater (15- to 30-percent down payment required).
*Annual Percentage Rate (APR). The 14.04% estimated APR is based on a $417,000 construction loan at 3.99% with Bank of American Fork’s standard construction loan fees and a 4-month term. The standard construction fees for a 4-month term are: 1.5% origination, $300 inspection, $100 appraisal review, $15 flood determination, $5 credit report (per borrower), title insurance (varies), recording (varies), and appraisal (varies). The annual percentage rate is a measure of the cost of the loan, expressed as a yearly rate, that relates the amount and timing of value received by the consumer to the amount and timing of payments made. In the case of a 4-month loan, the APR annualizes the fees as if they were paid three times in a year. Subject to credit approval. Maximum loan amount is $417,000. Other discounts may be available if necessary for loans exceeding $417,000. Inquire for details. Only valid in Utah, Salt Lake, Davis, Weber, Tooele, and Wasatch counties.
†An additional 2-month extension with a 0.25% extension fee may be available if necessary. The reduced-construction-interest-rate program lasts until 9/30/11.
‡The 1.5% construction loan origination fee applies whether the long-term loan comes from Bank of American Fork or not. The no-mortgage-fee promotion lasts until 3/30/12. The mortgage must follow a construction loan originated on or before 9/30/11. Only valid in Utah, Salt Lake, Davis, Weber, Tooele, and Wasatch counties