Building a home is an exciting milestone, but can also involve months of planning, decision-making and many financial considerations. From selecting a building site to managing timelines and budgets, borrowers often have many details to navigate throughout the construction process.
As borrowers plan a home build, changing interest rates may be one of the many factors on their minds. To provide additional peace of mind during the financing process, MVSB has introduced a one-time construction loan rate float-down option for eligible construction loan borrowers. Available during the first six months of permanent financing, the float-down option allows qualified borrowers to lower their permanent loan interest rate if market rates decline after construction is complete.
“When you’re building a home, changing market conditions can add another layer to an already complex process,” said Lauren Young, MVSB Vice President, Residential Mortgage Sales Officer. “Our float-down option provides qualified borrowers with another tool that may help them feel more confident as they make decisions for their future.”
MVSB’s Home Lending team works closely with borrowers at every stage of their home build, helping them understand available financing options and navigate important decisions along the way. Because eligibility requirements and loan terms vary, prospective borrowers are encouraged to connect with their mortgage team early in the process. Their Mortgage Loan Officer will review the details, explain how the option works and help determine whether it may be available for a construction loan project.
For more information about home lending and construction financing, visit mvsb.com/home-lending or speak with a member of MVSB’s Home Lending team.
Terms and conditions apply. Eligibility is subject to approval and availability. Interest rates and loan programs are subject to change.
