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SearchJumbo Construction Mortgages
Do your big house plans require a bigger loan? Let us help you make your blueprints a reality with a construction mortgage.
Features Content
- For loan amounts over $500,000
- Fixed and variable rate options available
- Flexible underwriting
- Interest only payments during construction
- Loan converts to a conventional mortgage once construction is complete
Annual Percentage Rate (APR) quoted above are based on a representative $600,000 loan amount, with 20% down payment/equity 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 over $500,000. Call for rates available for 2-4 family owner occupied residences.
All Adjustable Rate Mortgage (ARM) APR's are predicated on a 20 Year Amortization. ARM rates are based on the Wall Street Journal Prime Rate Index with a margin of between 0.000% and 1.500% depending on product. All adjustable rates mortgages (ARM) products are variable and may change after consummation of the loan. Any increase in APR will result in a higher payment Origination fees quoted in the above table are for portfolio loans only. Sold loans will have a higher origination fee.
Current Rates Content
Effective Date: Tuesday, February 19, 2019
| Product | Terms | Origination Fee | Interest Rate | APR | Fully Indexed Rate | Payment Per $1,000 |
|---|---|---|---|---|---|---|
| 25 Year Fixed - Jumbo Construction Loan | 0 Points | $1,325 | 5.500% | 5.530% | N/A | $4.58 |
| 25 Year Fixed - Jumbo Construction Loan | 1 Points | $1,325 | 5.250% | 5.380% | N/A | $4.38 |
| 20 Year Fixed Construction Loan | 0 Points | $1,325 | 5.375% | 5.619% | N/A | $4.48 |
| 20 Year Fixed Construction Loan | 1 Point | $1,325 | 5.125% | 5.367% | N/A | $4.27 |
| 15 Year Fixed Construction Loan | 0 Points | $1,325 | 4.500% | 4.653% | N/A | $3.75 |
| 15 Year Fixed Construction Loan | 1 Point | $1,325 | 4.250% | 4.401% | N/A | $3.54 |
| 10 Year Fixed Construction Loan | 0 Points | $1,325 | 4.000% | 4.204% | N/A | $3.33 |
| 10 Year Fixed Construction Loan | 1 Point | $1,325 | 3.750% | 4.137% | N/A | $3.13 |
| 3/1 Year ARM - Jumbo Construction | CAPS 2/7 Floor 2.500% | $1,325 | 3.875% | 4.779% | 5.000% | $3.23 |
| 5/1 Year ARM - Jumbo Construction | CAPS 2/7 Floor 2.875% | $1,325 | 4.625% | 4.947% | 5.000% | $3.85 |
Effective Date: Tuesday, February 19, 2019
| Product | Terms | Origination Fee | Interest Rate | APR | Fully Indexed Rate | Payment Per $1,000 |
|---|---|---|---|---|---|---|
| 25 Year JUMBO Fixed Construction Loan | 0 Points | $1,325 | 5.750% | 5.781% | N/A | $4.79 |
| 25 Year JUMBO Fixed Construction Loan | 1 Point | $1,325 | 5.500% | 5.632% | N/A | $4.58 |
| 20 Year JUMBO Fixed Construction Loan | 0 Points | $1,325 | 5.625% | 5.755% | N/A | $4.69 |
| 20 Year JUMBO Fixed Construction Loan | 1 Point | $1,325 | 5.375% | 5.619% | N/A | $4.48 |
| 15 Year JUMBO Fixed Construction Loan | 0 Points | $1,325 | 4.750% | 4.904% | N/A | $3.96 |
| 15 Year JUMBO Fixed Construction Loan | 1 Point | $1,325 | 4.500% | 4.791% | N/A | $3.75 |
| 10 Year JUMBO Fixed Construction Loan | 0 Points | $1,325 | 4.250% | 4.456% | N/A | $3.54 |
| 10 Year JUMBO Fixed Construction Loan | 1 Point | $1,325 | 4.000% | 4.389% | N/A | $3.33 |
| 3/1 Year ARM - JUMBO Construction | CAPS 2/7 Floor 2.750% | $1,325 | 4.125% | 4.856% | 5.000% | $3.44 |
| 5/1 Year ARM - JUMBO Construction | CAPS 2/7 Floor 3.125% | $1,325 | 4.875% | 5.198% | 5.250% | $4.06 |