Construction Loan
Bank of Holland offers competitive financing for construction loans, whether you are having a home built for you or are your own general contractor.
One closing prior to the start of construction will handle both the construction phase and the permanent mortgage. "Draws" are given as construction is completed in phases. Interest only accrues on moneys disbursed to date, not the full amount.
- Summary
- Competitive rates
- Local decision-making
- Favorable construction period available
- Pay interest only during construction
- Draw-system: money released as construction progresses
- Plan designed to save you money
- Rolls into permanent mortgage upon completion and issuance of Certificate of Occupancy
- One-time closing saves money on closing costs
- Available on modular homes
