Construction Financing

Construction Financing

If you're planning to build a single-family, owner-occupied residence, we have one of the best programs around. Choose a monthly fixed rate or adjustable rate mortgage with the term that best fits your needs. We offer a low down payment, and you can use equity you already have in the project, such as land or site improvements already made.  

Closing takes place prior to the start of construction and during your project you will be billed monthly for interest on funds we've advanced to you. Once your project is complete, your regular mortgage payments will start. And because there's only one closing, you'll save the cost of a second closing.

One-Time Rate Modification

This offer allows the option to adjust your rate on a construction or jumbo mortgage, once during the life of the loan.  Please see details below: 

•  This option becomes available once 12 consecutive monthly payments have been received by the Lender. For a construction-permanent loan, a minimum of 12 monthly payments must be made after the construction phase has been completed.
• At the time the rate modification is executed,  there must have been “on-time” payments for the most recent preceding 12 months (“on-time” is having paid no later than the expiration of the grace period).
• The fee to execute the rate modification option is .75% of the outstanding balance of the Note, as of the date the modification is executed.
• The Note Rate will be modified to the current market rate, as of the date the modification is requested by the Borrower in writing and received by the Lender.  All other terms and conditions of the Note will remain in effect.

Contact one of our offices to speak with a Capital Bank mortgage professional today!