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Construction Loans

Your Dream Home

Make it happen with a construction loan from American Bank
Whether it's financing a cabin, or buying vacant land, we'll find a loan that works for you.

When you get a construction loan, you actually get two loans: a short-term loan to cover construction, and a long-term mortgage loan that finances your home purchase after construction is complete. We'll work with you during the construction phase to show you our permanent financing options. Get started on your dream home today!

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 5.67% is effective 08/01/2018 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 $2,853.15 and one final payment of $2,857.49.

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 5.40% is effective 08/01/2018 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 $2,803.62 and one final payment of $2,803.40.

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

Contact one of our Mortgage Loan Originators

 
Mortgage Loan Originator

Mt. Iron
NMLS #1643490

218.735.3773 (direct)

218.750.7922 (cell)


Mortgage Loan Originator
Hibbing
NMLS #1726163
218.231.8963 (direct)
218.316.2980 (cell)
 
 
Mortgage Loan Originator
Grand Rapids
NMLS # 1764527
218.322.2805 (direct)
651.231.1461 (cell)
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