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Bank of Clarke offers two convenient options if you are building a home.
One Closing. Benefits include substantial cost savings and a streamlined process.
- During the construction phase, you pay interest-only payments on your loan balance for up to 12 months.
- Once construction is complete, the occupancy permit is issued, and the contractor/builder is paid, we modify the construction loan into a permanent mortgage.
- The permanent mortgage is like any other mortgage: Chose from any of Bank of Clarke’s flexible conventional mortgage options.
Two Closings. If you already have a home and need the money from the sale of your existing home to fund a down payment on new construction, this option may help you meet your goals.
- Your first loan pays for the construction phase of your new home. When you move in, you get a mortgage to pay off the construction debt.
- You pay for two closings and two sets of fees – first on the construction loan and second on the permanent mortgage.
- You can live in your current home while your next home is under construction.
- During the construction phase, you pay interest-only payments on your loan balance for up to 12 months.
- Once construction is complete, the occupancy permit is issued, and the contractor/builder is paid, we modify the construction loan into a permanent mortgage.
- The permanent mortgage is like any other mortgage: Chose from any of Bank of Clarke’s flexible mortgage options.
