Members Trust offers close construction loans with flexible terms, designed to help you finance the building of your new home.
These construction loans offer a short-term, fixed-rate construction period of 12 months.
During the application process, MTFCU will require your construction contract with detailed plans/specs and a proposed budget for the construction project.
During construction, you will make interest-only payments on your construction loan on a schedule that follows stages of the home's construction progress.
When construction has been completed, construction loans can be rolled over into a permanent fixed-rate mortgage loan.
Why might close construction loans be a good choice for me?
If you're building on your own land, new construction loans can provide financing and flexibility. Other benefits and features include:
- Save money & time
- Loan to Value up to 80%
- Interest-only payments during construction
- Terms up to 12 months
- Jumbo Loan Financing Available
- We also finance barndominiums
When you’re ready to make the vision of your new home a reality, let our experienced Mortgage Lending Team help you reach your goal with a construction loan.