Financing Your New Home Construction
You have the perfect lot, and you've researched the best layout for your home. Now it's time to get financing for your new home construction. Before you start excavating, it's a good idea to
understand every step of the construction financing process,
calculate your monthly mortgage payment, and
review the Dos and Don'ts of the Mortgage Process.
With an all-in-one construction loan, North Shore Bank makes financing your new home easy while saving you money with just one application, one closing, and one loan.
Our team of Mortgage Loan Officers can help step into the home of your dreams.
Maximum Mortgage Calculator
What is the maximum mortgage loan that you can apply for? That largely depends on your income and current monthly debt payments. This calculator collects these important variables and determines your maximum monthly housing payment and the resulting mortgage amount.
Take a closer look at our Maximum Mortgage CalculatorWhen it comes to financing the construction of your new home, you're in control.
Mortgage Loans for New Home Construction
Adjustable Rate Mortgage (ARM) -
Adjustable Rate Mortgages offer the flexibility needed to work with the construction process. The initial rate on these loans can be fixed for as long as five years at desirable rates. The ARM loan allows for an option to adjust the mortgage amount to reflect the amount needed for construction.
The best part of a North Shore Bank construction loan is you don't have to refinance at the end of construction. If you do choose to refinance, however, we have great options to meet your needs.
Stay on track: Mortgage Application Checklist
New 'You Choose' HELOC Offers Big Advantages to Homeowners
A Home Equity Line of Credit (HELOC) gives you a less expensive way to access credit fast in the event of an emergency or urgent purchase, and more.
Find Out More
Understanding New Home Construction Finance
So, you think you want to build a new home or wondering if you can?
The first thing you should remember is that it takes the same criteria to build as it does to purchase – Income, Assets, Credit and, of course, a home. It all has to fit together.
Watch the video to learn more.