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Features Content

  • Fixed and variable rate options available
  • Flexible underwriting
  • Interest only payments during construction
  • Loan converts to a conventional mortgage once construction is complete

Current Rates Content

Construction CT & MA

Effective Date: Friday, February 24, 2017

ProductTermsOrigination FeeInterest RateAPRFully Indexed RatePayment Per $1,000
20 Year Fixed Construction Loan0 Points$1,1254.875%5.058%N/A$4.06
20 Year Fixed Construction Loan1 Point$1,1254.625%4.919%N/A$3.85
15 Year Fixed Construction Loan0 Points$1,1753.875%4.093%N/A$3.23
15 Year Fixed Construction Loan1 Point$1,1753.625%3.976%N/A$3.02
10 Year Fixed Construction Loan0 Points$1,1753.250%3.542%N/A$2.71
10 Year Fixed Construction Loan1 Point$1,1753.000%3.472%N/A$2.50
1/1 Year ARM - ConstructionCAPS 2/7 Floor 2.250% after 1st year$1,1752.500%3.479%3.500%$2.08
3/1 Year ARM - ConstructionCAPS 2/7 Floor 2.500%$1,1753.000%3.438%3.500%$2.50
5/1 Year ARM - ConstructionCAPS 2/7 Floor 2.875%$1,1753.500%3.722%3.750%$2.92
7/1 Year ARM - ConstructionCAPS 2/7 Floor 3.500%$1,1754.750%4.938%5.000%$3.96

Annual Percentage Rate (APR) quoted above are based on a representative $100,000 loan amount, with 20% down payment/equity for construction loans and 35% down payment/equity for land loans for the stated term and include the points listed. Rates are not guaranteed until lock-in and subject to change without notice. All loan applications subject to credit underwriting and property approval. Homeowners' Insurance and flood insurance (if applicable) required. Private Mortgage Insurance (PMI) is required if your downpayment / equity is less than 20%. Loan rates are for a first lien position on single family owner-occupied residences up to $500.000 (up to $417,000 for 30 year fixed). Call for rates available for 2-4 family owner occupied residences. Any origination fees quoted are for portfolio loans only. Sold loans will have a higher origination fee.

Construction NY

Effective Date: Friday, February 24, 2017

ProductTermsInterest RateAPRFully Indexed RatePayment Per $1,000
20 Year Fixed Construction Loan0 Points5.125%5.310%N/A$4.27
20 Year Fixed Construction Loan1 Point4.875%5.172%N/A$4.06
15 Year Fixed Construction Loan0 Points4.125%4.345%N/A$3.44
15 Year Fixed Construction Loan1 Point3.875%4.229%N/A$3.23
10 Year Fixed Construction Loan0 Points3.500%3.794%N/A$2.92
10 Year Fixed Construction Loan1 Point3.250%3.725%N/A$2.71
1/1 Year ARM - ConstructionCAPS 2/7 Floor 2.250% after 1st year2.750%3.505%3.500%$2.29
3/1 Year ARM - ConstructionCAPS 2/7 Floor 2.500%3.250%3.512%3.500%$2.71
5/1 Year ARM - ConstructionCAPS 2/7 Floor 2.875%3.750%3.972%4.000%$3.13
7/1 Year ARM - ConstructionCAPS 2/7 Floor 3.500%5.000%5.189%5.250%$4.17

Annual Percentage Rate (APR) quoted above are based on a representative $100,000 loan amount, with 20% down payment/equity for construction loans and 35% down payment/equity for land loans for the stated term and include the points listed. Rates are not guaranteed until lock-in and subject to change without notice. All loan applications subject to credit underwriting and property approval. Homeowners' Insurance and flood insurance (if applicable) required. Private Mortgage Insurance (PMI) is required if your downpayment / equity is less than 20%. Loan rates are for a first lien position on single family owner-occupied residences up to $500.000 (up to $417,000 for 30 year fixed). Call for rates available for 2-4 family owner occupied residences. Any origination fees quoted are for portfolio loans only. Sold loans will have a higher origination fee.

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