Construction JUMBO Loans Adjustable

1-4 family Owner Occupied from $417,001 up to $2,000,000.

Thinking about building your dream house? The Provident Bank offers the best construction loan program in the area. We will make financing your dream home easier and more affordable. Let us help you find the term that works best for you. For personalized service or to learn more about this and other great programs offered at The Provident Bank please call 1-877-PPL-PROV (775-7768) or visit your nearest branch office. 

 

  • Pay interest only during the 12-month construction period
  • Pricing for loans up to $2,000,000*
  • No point programs available
  • One time closing

* Maximum loan amount up to $2,000,000. Loan to value may differ based on loan amount.  Rates subject to change without notice. Subject to credit approval. Other terms and conditions apply.

If you are purchasing a new home, please review our Pre-Approval program. If you are purchasing your first home, please review our First Time Home Buyer program.


Construction Mortgage Checklist

Rates as of Friday, August 11, 2017

PointsInterest RateAnnual Percentage RateFully Indexed RatePayment per $1,000PaymentsApply
5 to 1 Jumbo ARM Construction - Caps 2% / 6%
30 Year Term; 5 year fixed to 1 year adjustable
7 to 1 Jumbo ARM Construction - Caps 2% / 6%
30 Year Term; 7 year fixed to 1 year adjustable

  • Minimum Jumbo loan balance of $417,001 based on Essex county in Massachusetts and Rockingham county in New Hampshire; other limits may apply for other counties.
  • Annual Percentage Rates (APR) are based on $417,001 for jumbo loans with a 20% downpayment.
  • Payment per $1,000 represents the monthly interest only payment during the construction period based on a $1,000 loan at the rate indicated. These payments do not include taxes and insurance. Your actual payment will be greater.
  • Maximum Loan to Value may differ based on loan amount.
  • The caps are the maximum interest rate changes for each adjustment and for the life of the loan.
  • At the adjustment, which could be in 5 or 7 years depending on product chosen, the maximum increase could be 2% with a maximum of 6% over the life of the loan. Maximum APR 18%.
  • Subject to credit approval. Normal underwriting terms and conditions apply.
  • Rates subject to change without notice.

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