Builder Construction Loans* With locations at Wonder Lake (East), Wonder Lake (West), Hebron, Johnsburg, Lakemoor, and Spring Grove
| Interest rate: | 2.95% Interest on amount actually drawn billed monthly; closing fees can usually be taken out of first draw. |
| Points: | 1.00% |
| Terms: | 9 months with possibility of 30 to 90 day extension upon bank approval. No new points on original loan amount for extensions; however there will be a new Document Preparation fee of $200.00, and the interest rate will increase to the then current real estate investment property rate. Maximum Loan to Value Ratio (LTV) 70%. |
| Lender Document Preparation fee: | $400.00 |
| Appraisal fee estimate: | $375.00 |
| Flood Certification fee: | $ 16.00 |
| Inspection fees: | $505.00 |
Title company construction escrow fee estimate: $500.00
| We typically use Chicago Title (Security Title Branch) or Fidelity National in Illinois. | |
| Title insurance premium amount: | Depends on whether builder already owns lot, title company, and dollar amount of project. |
| Approximate Recording fees: | varies from $48.00 to $60.00 |
We also do vacant lot loans. Any points paid for lot loan are credited against closing costs for subsequent construction loan.
Check our website for the location nearest you!
*The Federal Reserve Board's Regulation Z (12 CFR Part 226) has been republished effective December 30, 2011, at 12 CFR Part 1026 as one of the regulations transferred to the Consumer Financial Protection Bureau under the Dodd-Frank Act. This section of the FRB regulation was republished as §1026.2 of the Bureau's regulation.
