There’s a lot of thought that goes into building a new home.
How many bedrooms? Where to put the kitchen? Sconces or recessed lighting? With all this dreaming and planning, you have enough on your mind without worrying about the loan to pay for it. At Meredith Village Savings Bank, we put as much thought into building a better loan and we’ve developed a hassle-free process that lets you concentrate on your house plans…while we handle the financing.
Building a new home can be more exciting and challenging than finding an existing home to move into. The financing works a little differently, too. But when it’s done, you have the home of your dreams. At Meredith Village Savings Bank, 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.
All rates effective Monday, March 27, 2017 8:00am 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%||5.105%||Show PaymentsPayment Streams|
12 payments of $1134.39 at an interest rate of 3.250%
227 payments of $1337.91 at an interest rate of 5.250%
1 payment of $1338.11 at an interest rate of 5.250%
|Land Loan (3/1 ARM)##||20||4.625%||0||4.250%||5.136%||Show PaymentsPayment Streams|
36 payments of $1278.83 at an interest rate of 4.625%
203 payments of $1338.85 at an interest rate of 5.250%
1 payment of $1339.05 at an interest rate of 5.250%
- 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||4.500%||0||4.658%||$1,013.37|
|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.