American Bank is excited to offer a Fixed Rate Construction Loan Program!
30 YEAR FIXED RATE
15 YEAR FIXED RATE
ONE TIME CLOSE UP TO ONE YEAR CONSTRUCTION PERIOD
- ONE Origination Fee!
- ONLY Pay MRT Taxes ONCE!
- ONLY Pay Title Insurance Charges ONCE!
- LOCK IN a FIXED rate!
- ONE Set of paper work & approval process.
- ONE Closing & easy modification after project completion.
- ONE Full year to complete project
30 YEAR EXAMPLE
The annual Percentage Rate of 6.17% is effective 6/1/2019 and available for a limited time only. Credit score of 700 or higher required. Maximum combined loan-to-value up to 80% or less. Borrower pays all closing costs.
A typical repayment example on a $500,000 loan: interest on the amount of credit outstanding during the construction period will be paid monthly for 12 months, followed by 359 monthly payments of $3,011.80 and one final payment of $3,013.01.
Payments do not include amount of taxes and insurance premiums; if applicable, the actual payment obligation may be greater. Rates and loans are subject to American Bank underwriting guidelines and credit approval. Other qualifying ratios and terms may apply. NMLS #408159
15 YEAR EXAMPLE
The annual Percentage Rate of 5.91% is effective 6/1/2019 and available for a limited time only. Credit score of 700 or higher required. Maximum combined loan-to-value up to 80% or less. Borrower pays all closing costs.
A typical repayment example on a $350,000 loan: interest on the amount of credit outstanding during the construction period will be paid monthly for 12 months, followed by 179 monthly payments of $2,895.80 and one final payment of $2,894.94.
Payments do not include amount of taxes and insurance premiums; if applicable, the actual payment obligation may be greater. Rates and loans are subject to American Bank underwriting guidelines and credit approval. Other qualifying ratios and terms may apply. NMLS #408159
Also...
- Flexible loan terms during construction
- Free pre-approval
- Locally approved and serviced
- Payments are made to American Bank
- Experienced loan professionals
- Easy application process
