Limited-time Offer: Low-rate Construction Loans Sep 27, 2012, 11:20 am By Emily Haleck

Through Dec. 31, 2012, Bank of American Fork is offering owner-occupied residential construction loans at a low 3.99% interest rate (14.017% or 11.825% estimated APR*, depending on term). The offer includes:

 – A low, fixed rate for the 4-month or 6-month termof the loan, a substantial savings off typical construction rates

– 1.5% origination fee for a 4-month term or 1.75% origination fee for a 6-month term

– An interest reserve will be set up to make the monthly interest payments during the term; the monthly interest payment will increase as the balance increases

– A balloon payment will be due at the end of the 4- or 6-month term

– Fast approval

– Multiple free draws

– Exceptional service

Term Origination Fee Interest Rate Estimated APR
4 months 1.5% 3.99% 14.017%
6 months 1.75% 3.99% 11.825%

 

 

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

A low, fixed rate for 4 or 6 months and no mortgage origination fee, combined with low building costs, can potentially save you thousands on your dream home.

To learn more about Bank of American Fork’s construction financing, contact us at 800-815-BANK.

 *Annual Percentage Rate (APR). The estimated APRs are based on a $417,000 construction loan at 3.99% with Bank of American Fork’s standard construction loan fees and either a 4-month or 6-month term. The standard construction fees are: 1.5% (4 months) or 1.75% (6 months) origination, $300 inspection, $50 appraisal review, $15 flood determination, $5 credit report (per borrower), title insurance (varies), recording (varies), and appraisal (varies).  Maximum loan amount is $417,000.  Payment example: Assuming that a loan balance of $417,000 was 50% disbursed for a 4-month term, the monthly interest payments are estimated to be $690 and the balloon payment is estimated to be $416,974.  Subject to credit approval.  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 12/31/12. 

The 1.5% or 1.75% construction loan origination fee applies whether the mortgage loan comes from Bank of American Fork or not.  The no-mortgage-fee promotion lasts until 3/30/13.  The mortgage must follow a construction loan originated on or before 12/31/12.  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 Limited-time Offer: Low-rate Construction Loans

  1. Carolyn Kleinman says:

    OneWest Bank foreclosed on our home in Feb.2011.We neotiated modifacation for over a year. We failed. Must we wait longer to apply for your low rate construction loan. We know it should take a waiting period of no less than a year and maybe as long as three.

    • Heidi Carmack Pfaffroth says:

      Hi, Carolyn. Generally, our construction loans require a mortgage prequalification, to confirm our primary source repayment. Typically, the mortgage guidelines require that three years have passed since the date of the foreclosure. But, the only way to know for sure is to make application. Please feel free to call at 800-815-BANK or email me at heidi.carmack@bankaf.com.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

100 Year On Blog
This blog includes articles, information, tips and advice on all things money by the financial experts at Bank of American Fork. But this blog is not one-sided; we want to hear what you think. Share your ideas, experiences and comments to get the dialogue going.

800-815-BANK (2265)

 
RSS Feed
 
WordPress Appliance - Powered by TurnKey Linux