The U.S. Census Bureau reports that 1,172,000 housing starts, or new residential construction projects, began in April 2016, a rise from the previous month’s 1,099,000. With a growing population and a revitalized housing market, it is no surprise that new construction is on the rise. However, finding the right financing for a new home can present challenges above and beyond what may come with securing a mortgage for an already built, already lived in home. For prospective homeowners searching for a new construction loan, AnchorBank, an affiliate of Old National Bank, may have a smart solution.
AnchorBank is currently offering borrowers a promotional discount for special construction loans. Through the Easy-One Construction Loan program provided by the bank, borrowers who submit an application through July 31, 2016, receive a discount worth up to $500 off closing costs. Prospective new homeowners also receive a no-cost preapproval and have access to a number of different mortgage terms to fit specific borrowing needs. Additionally, a single loan is applied for to cover the entire process, and a single loan is closed when the property is finished.
To qualify for the Easy-One Construction Loan program and the corresponding discount, borrowers must have a strong credit history and score as well as an acceptable debt-to-income ratio. Loans available through the construction loan program cannot exceed a total of $750,000 and a preapproval is required. Borrowers must also provide a complete set of plans for both the home and the building site, a full cost breakdown for construction, a signed construction contract that includes a list of specifications and materials to be used, and a copy of the purchase offer or deed to the lot.
AnchorBank was established in 1918 as a savings and loan institution serving banking customers throughout the state of Wisconsin. Recently, AnchorBank joined in partnership with Old National Bank to provide an even greater level of service and product offerings to its customers. AnchorBank customers have access to more than 200 locations through the Midwest, and a vast network of ATMs.
Potential new construction borrowers interested in the promotional offering from AnchorBank can gather more information by visiting a branch location, speaking with a mortgage lender by calling 1-800-252-6246, or by visiting AnchorBank online.
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