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So, you've decided to build your dream home! You've designed the perfect home. Found the ideal lot. Hired the best builder or building your own home. Let Cape Bank easily bring it all together to finance the home of your dreams.
Step 1 - Lay the groundwork. Select building plans, a lot and builder.
Step 2 - Secure the financing. Until recently, the process of building a new home, or buying and remodeling an existing home, was needlessly complicated. You often had multiple applications, closing costs and interest rates. Cape Bank has changed all that. By completing ONE application and paying ONE set of closing costs, you save time and money by applying for your construction and permanent financing all at once. Construction loans are a Cape Bank specialty - so we'll be glad to help you evaluate the options and choose the appropriate financing for your project.
Step 3 - Nothing can get a project underway faster than a construction loan from Cape Bank. We will inspect your home regularly and disburse funds as work is completed. During your home's construction phase, usually 9 months, you'll make interest-only mortgage payments only on the amount of the loan that has actually been disbursed to you.
Step 4 - Depending on your financial needs and preferences, you have a choice of permanent financing. For a more stable payment, you can choose a 15- or 30-year fixed rate.
Step 5 - Time to move in. You're busy putting the finishing touches on your new home. Your Cape Bank's construction/permanent loan saves you the worry of securing additional financing, because your construction loan will be converted to a permanent mortgage once the nine-month construction phase is complete.
To find out more about short-term and construction/permanent loans and Cape's land loan program, contact our Loan Origination Department at 609-465-5600 from 9 a.m. - 4:30 p.m. weekdays or e-mail us at residential-lending@capebanknj.com. We'll be happy to assist you!
For updated rate information, please contact one of our Residential Loan Officers. In Atlantic County, email Linda D'Agostino at ldagostino@capebanknj.com. In Cape May County, email Gina Tubertini at gtubertini@capebanknj.com. At our main office in Cape May Court House, email Bill Thomas at wthomas@capebanknj.com.
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