Construction Mortgages
Thinking about building a home? Northern Savings has financing specifically designed for your home construction.
Features and Benefits
- Advances are available as you complete your home
- Make interest only payments while under construction
- Only pay interest on money that is advanced
- Open or closed terms at fixed or variable rates
- Increase your payments up to 100% of your original payment any time during the term
- Prepay up to 20% of your original balance per year (closed terms)
Project on Hold?
Found your ideal location by not ready to build? Our CreditMaster Mortgage offers:
- Amortization up to 25 years
- Benefit of posted and promotional mortgage rates
- Down payments as low as 25%
Construction Insurance
Northern Savings Insurance Services Ltd. provides short term insurance coverage while you are in the construction phase, or an annual policy, which can be easily converted to an owner occupied homeowner's policy upon completion of your home. Contact Northern Savings Insurance to learn more.
