Build your dreams from the ground up.
Building a new home can be more exciting and challenging than finding an existing home to purchase. The financing works a little differently, too. But when it’s done, you have the home of your dreams.
At MVSB, we keep track of all the financing details so you can focus on all the other details that will help turn your new house into your new home.
A foundation built on service
Our mortgage specialists have built their reputations on knowledge, service, and giving our customers our undivided attention. That’s why we take the time to walk you through each step of the loan process. At MVSB, we believe you should be as comfortable with your loan choices as you are with your house plans.
To simplify the process of financing your new home, construction loans have two phases—construction and mortgage. But you can secure the loan with one convenient closing. While your house is being built, you pay only interest on funds dispersed on your behalf. When your dream home is completed at the end of your designated construction period, the loan automatically switches to a principal and interest loan with the same rate and term you originally closed with.
Our in-house experts save time and money
Some banks rely on third parties to do required home construction inspections. When you get a loan from us, however, you’ll work only with us. Our team of MVSB home loan specialists brings decades of experience and a wealth of knowledge in construction financing to the process, making the whole experience easier for your builder and for you.
Trust us to know the unique challenges of financing homes built on an island, waterfront or mountainside property and the many other possibilities that make living in central New Hampshire so fulfilling.
Our goal is to make the loan process go smoothly so you can move into your new home as soon as possible. That’s why we offer quick preliminary approvals, competitive rates and convenient services.
What’s more, our knowledgeable loan specialists can come to you so you can spend your time planning the residence you’ve always dreamed of.
All rates effective Tuesday, January 24, 2017 12:03pm unless otherwise noted and are subject to change without notice.
|Product Description||Term (Years)||Initial Rate (%)||Points||Margin (%)||Annual Percentage Rate (APR)||Monthly Payment|
|Land Loan(1 Year ARM)#||20||3.250%||0||4.250%||4.995%||Show PaymentsPayment Streams|
12 payments of $1134.39 at an interest rate of 3.250%
227 payments of $1324.64 at an interest rate of 5.125%
1 payment of $1324.83 at an interest rate of 5.125%
|Land Loan (3/1 ARM)##||20||4.625%||0||4.250%||5.051%||Show PaymentsPayment Streams|
36 payments of $1278.83 at an interest rate of 4.625%
203 payments of $1326.73 at an interest rate of 5.125%
1 payment of $1326.91 at an interest rate of 5.125%
- Payments do not include amounts for taxes. Your actual payment obligation will be greater.Monthly Payments are calculated using a $200,000 loan amount and the maximum term unless otherwise stated.
- ARM = Adjustable Rate Mortgage; APR = Annual Percentage Rate. APR may increase at adjustment period. For Adjustable rates, fully indexed rate is the 1 year treasury plus margin. All APRs assume 20% downpayment.
- Caps are 2/6 on 1-year ARM and 3/1 ARM APRs for land loans reflect a $450 document prep fee, $20 flood certification fee $82 tax related service fee and $250 Underwriting fee and $625.00 Settlement Fee.
- #-Rate is at a discount.
- ##-Rate is at a premium.
Fixed Construction Loans
|Product Description||Term (Years)||Example Loan Amount||Loan-To-Value||Initial Rate||Points||APR||Monthly Payment|
|30 Year Construction||30||$200,000||4.375%||0||4.532%||$998.57|
|20 Year Construction||20||$200,000||4.250%||0||4.466%||$1,238.47|
|15 Year Construction||15||$200,000||3.750%||0||4.022%||$1,454.44|
- Payments do not include amounts for taxes and any insurance premiums. Your actual payment obligation will be greater. Monthly Payments are calculated using a $200,000 loan amount and the maximum term unless otherwise stated.
- APR = Annual Percentage Rate. Maximum loan to value calculations vary based on property type and occupancy status. All APRs assume 20% downpayment.
- Construction loans include a 1% construction fee on the first $500,000 of construction funds and then 1/2% of the excess amount above $500,000, for a 6 month construction period. Modular construction loan fees will cap out at the maximum construction loan fee of $5,000. Self-Builds will have a two (2)% construction fee schedule for a 6 month construction period. (other construction periods available).
- *APRs on construction loans include a 1% construction fee, $450 document prep fee, $20 flood certification fee, $82 tax related service fee, $250 underwriting fee, $625.00 Settlement Fee $150 plot plan fee and $175 lender inspection fee.
Please contact us in the way that is most convenient for you:
- On weekday business hours, call 800.922.6872
- We also have convenient evening and weekend hours in many of our offices.
For a full listing of locations and phone numbers, click here.