New construction loans
Loans for new construction are a little different than your typical mortgage. A construction loan helps you finance the building phase of your new house, and these loans are usually of a shorter term. Your contractor receives the funds necessary to build the home in installments, referred to as “drafts,” from the bank as work is satisfactorily completed. And the final result? Your dream house, on your dream lot.
At Consumers, you can use your land purchase as part of your down payment and enjoy interest-only payments while your new home is being built.
Plus, our friendly mortgage loan originators are located right here in your community, too, so you don’t have to go far to find great customer service and fast loan processing.
Learn more about how Consumers National Bank can help you finance your new construction. Apply for your loan online or request more information from our team.