Building new? City can help you save money and time with a Construction/Perm loan. With just one up-front closing, you can eliminate the hefty cost of a second closing. And, with no private mortgage insurance, you can save even more each month.
Lock in your interest rate at closing – then, pay only interest on the loan during the construction phase. When your build is finished, the loan will convert to a 7-year, 5-year or 3-year adjustable-rate mortgage.
City’s Construction/Perm loan features:
- One up-front closing
- Down payment as low as 5%
- Lot equity may serve as a source of down payment
- No Private Mortgage Insurance*
- Low interest rates
- Interest-only payments during construction phase
Your local, experienced City mortgage specialist can help you get started today. Let us call you or contact us to learn more about this and other mortgage products. Or, fill out an application online.
*No Private Mortgage Insurance required with down payment of 11% or more.