Build with our New Construction Loan
Built to make it easy!
Let us help you finance your dream home. GTE will work with you to make the construction loan process simple and streamlined. Our 5/5 Adjustable Rate Mortgage will provide you with a competitive, low starting rate as you build. Then, for homes under $417,000, you'll also enjoy the benefit of converting your adjustable rate construction loan to a great-rate, fixed 30 year loan once building is completed. Plus, there's only 1 closing!
- Start with a low-rate Adjustable Rate Loan. ARMs typically have a lower rate than fixed rate loans. Enjoying a lower rate while you are building can be a big benefit!
- For homes $417,000 or less, once you’re done with construction, you’ll have the option to convert to a fixed rate.*
- Enjoy interest-only payments for 12 months.
- A single closing for building and moving in.
- Plus, enjoy lender-paid mortgage insurance during the construction period. If you have less than 20% down, most lenders will require insurance. With GTE, it's on us for with the 5/5 ARM product for homes under $417,000 - yay to saving money! If you choose to convert to a fixed rate loan for your permanent, post-construction loan, mortgage insurance will be factored in if necessary.
- This loan is also available for larger lending amounts including the Mini Jumbo (Homes $417,001 - $750,000) as well as the Jumbo ($750,001 - $1,250,000). Best of all, once construction is complete, if the rate is lower at the time you're ready to move-in, we will honor the current construction conversion rate, so you get the best deal! Conversion to a fixed rate loan is only available on homes under $417,000.
- Rate caps = A rate cap is a limit on how much the rate can change at the end of each adjustment period over the life of the loan. With a 5/5 ARM, the rate can only change every 5 years, which means added stability. Plus, the rate can only increase by a maximum of 2% each adjustment period.
- Index = 1 Year Libor
- Margin = 2%
- *Fixed rate conversion option available on a loan amount up to $417,000.
Speak to a Home Loan Specialist today to learn more about this incredible product!
Meet the Team