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.
|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|
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.