Construction Loans
Fairport Savings Bank's Construction/Permanent Loan is a unique program that provides construction financing which then converts into an affordable home mortgage.
Benefits of a Fairport Savings Bank Construction Loan
There are many important reasons to choose Fairport Savings Bank's Construction/Permanent Loan:
- Only one application for construction and end loan
- Construction loan easily converts to your permanent mortgage
- One time closing saves you money in closing costs
- Eligible borrowers may finance up to 95% of acquisition and construction cost
- Pay interest only on the funds outstanding during the construction phase
- Interest rate is the same during draw and permanent phase
- Standard four draw schedule available
- Local processing, decision-making and expertise
Contact our Mortgage Specialists for further details!
