There’s a lot of thought that goes into building a new home.
How many bedrooms? Where to put the kitchen? Sconces or recessed lighting? With all this dreaming and planning, you have enough on your mind without worrying about the loan to pay for it. At Merrimack County Savings Bank, we put as much thought into building a better loan and we’ve developed a hassle-free process that lets you concentrate on your house plans…while we handle the financing.
Building a new home can be more exciting and challenging than finding an existing home to move into. The financing works a little differently, too. But when it’s done, you have the home of your dreams. At Merrimack County Savings Bank, we keep track of all the financing details so you can focus on all the other details that will help turn your new house into your new home.
Land and Other Rate Programs
All rates effective
Thursday, June 21, 2018 unless otherwise noted and
are subject to change without notice.
Land Loans
| Name | Term Years | Payments In First Adjustment Period | Loan Amount Example | Discount Or Premium Rate | Initial Rate Percentage | Points | Margin Percentage | Annual Cap | Lifetime Cap | Arm Index Value | Interim Go To | Fully Indexed Rate | Floor | Ppfc | Months Between Adjustments | Interest Only Amount Months | Interest Note | Annual Percentage Rate | Monthly Payment |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Land Loan(1 Year ARM)# | 20 | 12 | 200000 | Discount | 3.500 | 0 | 4.250 | 2.00 | 6.00 | 2.34 | 5.500 | 4.250 | 1477 | 12 | 6.234 | PMT #1: 1159.92 4th Balance: 192968.89 PMT 4th: 1366.00 BAL X: 187643.87 PMT X: 1489.42 BAL Last: 1481.24 PMT Last: 1489.69 | |||
| Land Loan (3/1 ARM) | 20 | 36 | 200000 | 4.500 | 0 | 4.250 | 2.00 | 6.00 | 2.34 | 6.500 | 4.250 | 1477 | 12 | 5.940 | PMT #1: 1265.30 4th Balance: 0.00 PMT 4th: 0.00 BAL X: 180178.47 PMT X: 1474.23 BAL Last: 1466.14 PMT Last: 1474.50 |
- Payments do not include amounts for taxes. Your actual payment obligation will be greater. Monthly Payments are calculated using a $200,000 loan amount and the maximum term unless otherwise stated.
- ARM = Adjustable Rate Mortgage; APR = Annual Percentage Rate. APR may increase at adjustment period. For Adjustable rates, fully indexed rate is the 1 year treasury plus margin. All APRs assume 20% downpayment.
- Caps are 2/6 on 1-year ARM and 3/1 ARM APRs for land loans reflect a $475 document prep fee, $20 flood certification fee $82 tax related service fee and $275 Underwriting fee and $625.00 Settlement Fee.
- #-Rate is at a discount.
- ##-Rate is at a premium.
Fixed Construction Loans
| Name | Term Years | Example Loan Amount | Loan To Value | Initial Rate | Points | Ppfc | Apr | Monthly Payment | Total Paid At End Of Loan |
|---|---|---|---|---|---|---|---|---|---|
| 30 Year Construction | 30 | 200000 | 5.125 | 0 | 3802 | 5.292 | 1088.97 | 392030.62 | |
| 20 Year Construction | 20 | 200000 | 4.875 | 0 | 3802 | 5.100 | 1306.14 | 313473.62 | |
| 15 Year Construction | 15 | 200000 | 4.625 | 0 | 3802 | 4.909 | 1542.79 | 277702.98 |
- Payments do not include amounts for taxes and any insurance premiums. Your actual payment obligation will be greater.
- APR = Annual Percentage Rate. Maximum loan to value calculations vary based on property type and occupancy status. All APRs assume 20% downpayment.
- Construction loans include a 1% construction fee on the first $500,000 of construction funds and then 1/2% of the excess amount above $500,000, for a 6 month construction period. Modular construction loan fees will cap out at the maximum construction loan fee of $5,000. Self-Builds will have a two (2)% construction fee schedule for a 6 month construction period. (other construction periods available).
- *APRs on construction loans include a 1% construction fee, $475 document prep fee, $20 flood certification fee, $82 tax related service fee, $275 underwriting fee, $625.00 Settlement Fee $150 plot plan fee and $175 lender inspection fee.
Adjustable Rate Construction Loans
| Name | Term Years | Payments In First Adjustment Period | Loan Amount Example | Discount Or Premium Rate | Initial Rate Percentage | Points | Margin Percentage | Annual Cap | Lifetime Cap | Arm Index Value | Interim Go To | Fully Indexed Rate | Floor | Ppfc | Months Between Adjustments | Interest Only Amount Months | Interest Note | Annual Percentage Rate | Monthly Payment |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3/1 ARM (Construction)* # | 30 | 36 | 200000 | Discount | 3.500 | 0 | 3.875 | 2.00 | 6.00 | 2.34 | 5.500 | 3.875 | 3802 | 12 | 6 | 6 months interest only based on amount outstanding | 5.703 | 6 months interest only based on amount outstanding PMT #1: 898.09 4th Balance: 190146.88 PMT 4th: 1118.92 BAL X: 187460.45 PMT X: 1207.88 BAL Last: 1201.62 PMT Last: 1208.09 | |
| 5/1 ARM (Construction)* # | 30 | 60 | 200000 | Discount | 3.750 | 0 | 3.875 | 2.00 | 6.00 | 2.34 | 5.750 | 3.875 | 3802 | 12 | 6 | 6 months interest only based on amount outstanding | 5.439 | 6 months interest only based on amount outstanding PMT #1: 926.23 4th Balance: 182310.48 PMT 4th: 1136.87 BAL X: 179305.11 PMT X: 1192.89 BAL Last: 1186.71 PMT Last: 1193.09 | |
| 7/1 ARM - Construction* # | 30 | 84 | 200000 | Discount | 4.125 | 0 | 3.875 | 2.00 | 6.00 | 2.34 | 6.125 | 3.875 | 3802 | 12 | 6 | 6 months interest only based on amount outstanding | 5.342 | 6 months interest only based on amount outstanding PMT #1: 969.30 4th Balance: 174840.16 PMT 4th: 1171.06 BAL X: 171460.21 PMT X: 1184.31 BAL Last: 1178.17 PMT Last: 1184.52 | |
| 10/1 ARM - Construction* # | 30 | 120 | 200000 | Discount | 4.375 | 0 | 3.875 | 2.00 | 6.00 | 2.34 | 6.25 | 3.875 | 3802 | 12 | 6 | 6 months interest only based on amount outstanding | 5.203 | 6 months interest only based on amount outstanding PMT #1: 998.57 4th Balance: 0.00 PMT 4th: 0.00 BAL X: 159535.96 PMT X: 1166.09 BAL Last: 1160.05 PMT Last: 1166.29 |
- Payments do not include amounts for taxes and any insurance premiums. Your actual payment obligation will be greater.
- APR = Annual Percentage Rate. ARM = Adjustable Rate Mortgage; APR may increase at adjustment period. For Adjustable rates, fully indexed rate is the 1 year treasury plus margin. Maximum loan to value calculations vary based on property type and occupancy status. All APRs assume 20% downpayment.
- Construction loans include a 1% construction fee on the first $500,000 of construction funds and then 1/2% of the excess amount above $500,000, for a 6 month construction period. Modular construction loan fees will cap out at the maximum construction loan fee of $5,000. Self-Builds will have a two (2)% construction fee schedule for a 6 month construction period. (other construction periods available).
- Caps are 2/6 on 3/1 ARM, 5/1 ARM, 7/1 ARM, and 10/1 ARM.
- *APRs on construction loans include a 1% construction fee, $475 document prep fee, $20 flood certification fee, $82 tax related service fee, $275 underwriting fee, $625.00 Settlement Fee, $150 plot plan fee and $175 lender inspection fee.
- #-Rate is at a discount.
- ##-Rate is at a premium.