Construction and Mortgage Loans Together Save You Money
Bank of American Fork can help turn your dream into reality with a 3.99% construction loan (14.0365% estimated APR with 4-month term or 11.825% estimated APR
with 6-month term*), for loan amounts up to $417,000. Loans must be for new construction only (no remodels) on a primary or secondary residence (no rental
properties). Here’s what you’ll get with our low-rate, high-service, home-construction loans:
- Low, fixed rate for the 4- or 6-month term† of the loan (the monthly interest payment will increase as the balance increases)
- 1.5% origination fee for 4-month term and 1.75% origination fee for 6-month term.
- An interest reserve will be set up to make the monthly interest payments during the 4- or 6-month term
- A balloon payment at the end of 4 or 6 months
- Fast approval
- Multiple free draws
- Exceptional service
A low, fixed rate for four or six months and no mortgage origination fee‡, combined with low building costs, can potentially save you thousands on your dream home.
* Annual Percentage Rate (APR). The estimated APRs are based on a $417,000 construction loan at 3.99% with Bank of American Fork’s standard construction loan fees and either
a 4-month or 6-month term. The standard construction fees are: 1.5% (4 months) or 1.75% (6 months) origination, $300 inspection, $50 appraisal review, $15 flood determination,
$5 credit report (per borrower), title insurance (varies), recording (varies), and appraisal (varies). Maximum loan amount is $417,000. Payment example: Assuming that a loan
balance of $417,000 was 50% disbursed for a 4-month term, the monthly interest payments are estimated to be $690 and the balloon payment is estimated to be $416,974. Subject
to credit approval. Other discounts may be available if necessary for loans exceeding $417,000. Inquire for details. Only valid in Utah, Salt Lake, Davis, Weber, Tooele, and
† An additional 2-month extension with a 0.25% extension fee may be available if necessary. The reduced-construction-interest-rate program lasts until 12/31/2014.
‡ The 1.5% or 1.75% construction-loan origination fee applies whether the mortgage loan comes from Bank of American Fork or not. The no-mortgage-fee promotion
lasts until 12/31/2014. The mortgage must follow a construction loan originated on or before 12/31/2014. Only valid in Utah, Salt Lake, Davis, Weber, Tooele, and Wasatch counties.