Considering building your dream home while interest rates are historically low? You may be able to save by financing that dream home when you get both your construction loan and long-term mortgage loan at Bank of American Fork. We’re offering 3.99% interest-rate, owner-occupied, residential construction loans (11.04% or 10.35% estimated APR*, depending on term).
Here’s how you’ll save:
• Low, fixed rate on 6- or 8-month construction loan
• No origination fee on the long-term mortgage
When you bundle your home construction and mortgage loan, you’ll get a low, fixed rate for the term of the construction loan†—see the chart below for rates, which is a substantial savings off typical construction rates.
|Home construction loan details||Term||Origination Fee||Interest Rate||Estimated APR|
At Bank of American Fork, construction plus mortgage equals savings. Besides great rates for both loans, here’s what else you’ll get when you bundle:
• Fast approval with our local loan committee
• 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 6-month or 8-month term
• Multiple draws without additional fees
• Exceptional service
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.‡
*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 loan fees and either a 6-month or an 8-month term. The standard loan fees are: 1.5% (6 months) or 1.75% (8 months) origination, $600 (6 months) or $800 (8 months) inspection, $100 appraisal review, $15 flood determination, $5 credit report (per borrower), $150 document preparation, title insurance (varies), recording (varies), and appraisal (varies). Payment example: Assuming that a loan with standard fees and a balance of $417,000 was 50% disbursed for a 6-month term, the monthly interest payments are estimated to be $693 and the balloon payment is estimated to be $417,000. 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, Cache, Washington and Wasatch counties.
†An additional 2-month extension with a 0.25% extension fee may be available if necessary and subject to approval. The reduced-construction-interest-rate program lasts until 12/31/14.
‡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 12/31/14. The mortgage must follow a construction loan and be originated on or before 12/31/14. Only valid in Utah, Salt Lake, Davis, Weber, Tooele, Cache, Washington and Wasatch counties.