Should you or your builder have any specific needs, please inform your Construction Loan Administrator. Our preference is to deposit funds into a Charter One Mortgage checking account. Other methods are available. We will send an inspector out upon your request or your builder's request. Upon verification of work completed, we will disburse funds.
Payments are interest only based on the outstanding balance and are due on the first of each month.
A bill is mailed to you 15 days before the payment is due. It is important to lock in close to the end of construction. If your lock expires before you convert to your permanent loan, you may loose your promised interest rate. It is wise to coordinate this date with the aid of your builder, Construction Loan Administrator, and Mortgage Banker. If your rate lock expires before your home is complete we may be able to extend the lock free of charge.