By offering “One Stop Shopping” as well as greatly simplifying the construction lending process, it’s no wonder that a HUGE majority of Paramount Construction customers choose Sandy Spring to help them finance their custom home!
The Most Popular Construction Loan Program:
Blanket Construction Loan:
The Blanket Construction Loan program allows a customer the flexibility of financing up to 100% of the cost to build a custom home. The construction loan is secured by both the existing home, and the home under construction.
- The equity in the existing home is used in place of a traditional cash down payment on the home being built.
- As the new home nears completion the existing home is sold
- The proceeds from the sale are used to pay down the construction loan so it can be modified into the permenant loan.
- Interest on the construction loan is based on WSJ Prime
- The permanent loan can either be a fixed or adjustable rate.
- A number of extended rate lock programs are available
- One-time close feature reduces closing costs.
|Sales Price of New Home:||$750,000|
|Existing Home Value:||$400,000|
|Blanket Construction Loan:||$750,000|
|Down Payment Required for Construction:||$0|
|Minus Equity from Sale of Existing Home:||$200,000|
|Permanent Loan Amount:||$550,000|
This calculator can be used to figure out monthly payments of a home mortgage loan, based on the home’s sale price, the term of the loan desired, buyer’s down payment percentage, and the loan’s interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
About Sandy Spring National
Sandy Spring’s construction lending professionals have helped thousands of families fulfill their dream of building a new home. With a solid construction loan program, and unparalleled creativity – Sandy Spring Mortgage is as full service construction lender as you will find anywhere.
“Sandy Spring Mortgage provides homeowners with more choices and greater flexibility than ever before. We are committed to offering the highest level of service. We are confident that our homeowners are in excellent hands.”
– Jeff Nelson – Assistant Vice President, Sandy Spring Bank