If you plan to build a new house or renovate your current home, you’ll be glad to know that Dollar Bank has a construction mortgage designed with you in mind. We make construction financing easy and affordable, and our mortgage experts will be there for you the entire way.
Our construction mortgages offer:
- A single closing – your construction mortgage will automatically convert to a permanent mortgage with the same low rate you received at application, protecting you from increased rates
- Low rate adjustable and fixed rate mortgages
- An application identical to any mortgage
- Mortgage amounts of up to $2 million
- Interest-only payments as each construction phase is completed
Building on an empty lot?
When building a new home on an empty lot, most often, the lot purchase and construction financing can be rolled into one mortgage. If you already own the lot, you can use the mortgage to finance the construction costs. If you have a current mortgage on the lot, you may be able to roll that into the construction financing.
Renovating your existing home?
You can finance the renovation cost and the mortgage financing with one loan. When Dollar Bank does a renovation mortgage, we appraise your current home as if the renovations were complete to give the benefit of the proposed improvements to the value of the appraisal report. We can lend up to 95% of the as completed value for loan amounts up to $647,200, 90% up to $850,000, 85% up to $1,250,000 and 80% up to $2 million. This loan works just like a construction mortgage.
The best way to get started
When it comes to choosing a mortgage, it’s easy to become overwhelmed. When you know your options, you can make a sound financial decision that benefits you for years to come. Get pre-qualified for the cost of the land and estimated cost of the construction and know how much you can afford. Talk to one of our mortgage experts. Stop by any Dollar Bank office, call 1-800-334-LOAN or visit Dollar.Bank/MortgageExperts.