Build your Dream Home
Introductory Rate
*80% or higher Loan-to-value (LTV) = 4.49% APR; LTV less than 80% = 5.49% APR
Lake Area Mortgage’s all-in-one construction loan takes the hassle out of financing your home, so your building project feels more like a dream.
Build your dream home with all-in-one home financing from Lake Area Mortgage.
Our single-close construction loan combines the best features of a construction loan and permanent financing, to provide you with all-in-one financing for your lot purchase, construction, and permanent home loan, while also lowering your closing costs.
Single-Close Construction Loans highlights:
Single closing at start of Constuction
72-Hour draw payments
One-time application and approval
Flexible down payment optionsĀ
In-house processing & underwriting
Fast approval & efficient closing
Questions?
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Make building your dream home a reality.
Following the introductory fixed-rate period on construction loans, the APR (Annual Percentage Rate) becomes variable and may be subject to change at any time. The estimated monthly payment on new construction loans is $6.91 per $1,000 financed during the introductory period. ARM payment example assumes a 30-year loan term with a fixed-APR of 4.49% during the introductory period of 10-years followed by an adjustable rate mortgage for the remainder of the term. Your APR may vary depending on your loan-to-value, credit score, or other factors. Taxes, insurance premiums and mortgage insurance (where applicable) are not included in ARM payment examples. Homeowner’s insurance is required on the property securing the loan. Other restrictions may apply. Advertised rates may not be available at time of application. This is not a commitment to lend or extend credit. This is not an offer to enter a loan agreement at a specific rate. An offer to enter into such an agreement may only be made pursuant to Minn. Stat. 47.206. Information and/or data are subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states. Lake Area Mortgageā¢ is a division of Royal Credit Union, 1200 County Road E., Ste 200, Arden Hills, MN 55112. NMLS# 543781.
