Building your Utah dream home is possible with loan amounts up to $766,550 million
Few Utah lenders and credit unions know how to work through the complexities and challenges of a construction loan quite like Team 101 at Northpointe Bank. Nor do they offer our streamlined process or flexible loan terms like low down payments and high loan amounts.
How Our Construction Loan Program Works
█ One Closing, One Set of Closing Costs
Northpointe’s convenient construction-to-permanent loan combines the best features of a construction loan and permanent loan. There is one closing, one set of closing costs and the interest rate terms are confirmed prior to closing. You avoid extra fees and more paperwork!
█ Interest Only During Construction
Only pay interest while your home is being built, and only pay on the draws that have been taken. No taxes, insurance, principal, or private mortgage insurance (PMI) during the construction phase, helping keep your cash flow healthy.
█ Easy Draw Process
Northpointe’s construction lending department is on top of it! Along with personalized service from your local loan officer, they will assign you a construction account specialist that oversees the draw process and coordinates construction milestones with you and your builder.
█ Use the Equity in Your Land
Already have land to build on? Roll the land’s value into your loan – it can often cover your entire down payment! Need to purchase a lot to build on? You can also combine your construction loan with a vacant land loan from Northpointe.
10 Simple Steps for Construction Loans
Are you considering building your dream home instead of purchasing existing but you’re worried about the process? Count on us to guide you through it. These 10 simple steps give you a basic idea of what to expect:
Choose your land
Select your loan product
Sign your construction contract
Apply for construction loan
30-45 days application to close
Construction 4-12 months
Certificate of occupancy
Construction loan modifies
Collect for Escrow
And the final step…
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Construction Loan Frequently Asked Questions (FAQs)
Why Choose
at Northpointe Bank?
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The answer is clear:
More Options. Better Pricing. Period.
Join the many satisfied Utahns who’ve gotten their mortgage loan for their dream home through Team 101 at Northpointe Bank.
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