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PyraMax Stories & Articles

When it comes to managing your finances, there's a lot to know, and it seems as if things are changing every day! We love educating our customers, and that's why we maintain a thorough selection of stories and articles.

Is It Time To Build Your Dream Home?

Do you know exactly what you want in a home, but have yet to find what you’re looking for at open houses? Maybe you have an area that you’d like to move to, but haven’t found available homes on the market. If either of those situations apply to you, it may be time to consider a new option; building your dream home!

We know that every home is different, and your new home will likely be like no other Construction Loan that we provide to another client. With that in mind, our Mortgage Loan Officers will work with you to establish a schedule for construction, and base a payment structure for your loan off of that. With both Fixed Rate and Adjustable Rate Construction Loans available, there are a variety of financing options to help you get the best deal for your unique project. Adjustable Rate Mortgages from PyraMax Bank also have the ability to convert to a Fixed Rate Construction Loan at no additional charge, and Fixed Rate Construction Loans have a re-lock option once your new home is completed.

 Generally, you will only be required to make interest payments on your loan during the construction phase, giving you flexibility while building your home. We know that building a home can be a process, often with a lot of different variables, and because of that, we look to make the Construction Loan itself as convenient as possible.

Many times, people avoid Construction Loans because they are unaware of the time frame involved. After your construction phase is completed, you won’t have to worry about making large payments in a short amount of time to pay off your new home. In fact, after construction, your loan will be converted into an end loan that falls more in line with traditional Mortgage Loan rates and time frames. Construction Loan terms can, in fact, last up to 30 years, much like a traditional Mortgage Loan.

Construction Loans are just one of the many times that going to a local, community bank like PyraMax Bank can be advantageous. Because we know the communities which we serve, and are available to work with our clients on a more personal basis, our Mortgage Lending team can ensure that we will provide the right Construction Loan terms for you. All PyraMax Bank Construction Loans are also processed in-house, which can significantly decrease the time frame that it takes to start construction on your new home. You’ll also work directly with one of our mortgage loan officers, ensuring that you have the right loan for the type of house that you are looking to build.

While building your new home may seem like a daunting task on paper, the process can be easier than it seems, and PyraMax Bank can make financing your new home convenient for you with a Construction Loan.

 

Find a Mortgage Loan Officer Near You

Image: Realtor handing keys to home buyer

Five Tips For Purchasing Your First Home

Do you currently rent your home or an apartment? It may be time to start looking at purchasing your first home. Luckily, PyraMax Bank can help.

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