We have a special offer for home builders and their customers.
Building a home means spending a lot of time paying attention to the details, from blueprints to paint and everything in between. Luckily, choosing the loans that will finance your new home isn’t as complicated.
Simplify your financing with a construction loan and mortgage loan from Bank of American Fork. In addition to saving money, we’ll save you the headaches that can come with financing your dream home.
Bank of American Fork can help turn your dream into reality with a 3.99% construction loan (14.017% or 11.825% estimated APR*, depending on term) 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 or 6-month term† of the loan, a substantial savings off typical construction rates
• 1.5% or 1.75% origination fee (1.5% for 4-month term or 1.75% for 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
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 either four or six months and no mortgage origination fee, combined with low building costs, can potentially save you thousands on your dream home.
|Term||Origination Fee||Interest Rate||Estimated APR|
How much will I save, what is the normal origination fee?
On separate loans you would normally pay 1% origination on the construction loan and another 1% on the long-term mortgage.
How are you faster than the competitors?
Our loan decisions are made locally by our loan committee who meet twice a week. Additionally, local management of your construction loans allows for quicker receipt of checks on draws and now charge for additional draws so you save time and avoid construction delays.
Will I have to still have to fill out two loan applications?
*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 12/31/13.
‡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 12/31/13. The mortgage must follow a construction loan originated on or before 12/31/13. Only valid in Utah, Salt Lake, Davis, Weber, Tooele, and Wasatch counties.