Build a New Home for Less Feb 29, 2012, 8:00 am By Emily Haleck

Are you dreaming of building a new home? Bank of American Fork can help turn your dream into reality with a 3.99% construction loan (14.0365% estimated APR*) for loan amounts up to $417,000. Loans must be for new construction only (no remodels) on a primary or secondary residence (no rental properties). Here’s what you’ll get with our low-rate, high-service, home-construction loans:

– Low, fixed rate for the 4-month termof 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

– Fast approval

– Multiple free draws

– Exceptional service

Save thousands more with no long-term mortgage origination fee when you get both your construction and mortgage loans from Bank of American Fork.

A low, fixed rate for four months and no mortgage origination fee, combined with low building costs, can potentially save you thousands on your dream home.  

Learn more about this offer by contacting a mortgage loan officer at 800-815-BANK or customercare@bankaf.com.

*Annual Percentage Rate (APR). The 14.0365% 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 1.5% construction loan origination fee applies whether the long-term loan comes from Bank of American Fork or not.  The mortgage must follow a construction loan originated on or before December 31, 2012.  Only valid in Utah, Salt Lake, Davis, Weber, Tooele, and Wasatch counties.

This entry was posted in Loans, Personal, Promotions, Real estate. Bookmark the permalink.




2 Responses to Build a New Home for Less

  1. Cassie says:

    Will you do a construction loan in cache county? Do you require 20% down?

  2. Heidi Carmack Pfaffroth says:

    Cassie,

    We do do construction loans in Cache County, so I forwarded on your question to one of our loan officers at our Layton branch. He will contact you shortly, but please don’t hesitate to reach out to him, either. His name is Mike Adams, and he can be reached at mike.adams@bankaf.com or (801) 648-7462. Our bankers offer personal service, and when Mike knows more about your personal situation, he’ll be able to offer you some answers about the percent down, which ranges widely. Don’t hesitate to reach out to us again on here!

    Heidi

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