When you own a piece of land and plan on having a house built, you need financing throughout the building process to pay suppliers, contractors, etc..
- 90 Days to Close- rate locked at time of application, convenient 8-month construction period with up to 4 advances of funds
- Interest Only Billed During Construction Period
- One Closing- you’ll never have to worry about your interest rate increasing throughout the process
- No Need for Another Closing- loan automatically converts to a permanent loan upon expiration of building loan phase
- Financing Up to 84.5% of the Value of the Home*
- Low Closing Costs
- Lower Interest Rates- with convenient automatic payment options from a Trustco checking account
- No Tax Escrow Required - earn interest with your Trustco Tax Saver account
- No PMI (Private Mortgage Insurance) Required - save hundreds of dollars a year
- No Appraisal Fee
- No Points
- Free, Conditional Pre Approvals Also Available
- Quick and Easy Application Process - call your local Branch representative to discuss documentation requirements
Please note: We reserve the right to alter or withdraw this product or certain features thereof without prior notification.
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*Subject to satisfactory appraisal of collateral address.