Construction loan rates
1.70% Interest Rate
3.258% Annual Percentage Rate (APR)*
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*Owner generals do not qualify for stated rate. * Stated Annual Percentage Rate assumes 20% down payment, 9 month term and $320,000 loan amount to build a single family owner-occupied home, credit score of 740 or greater and an existing deposit account relationship with Park Bank at time of closing. You would make 8 monthly payments of $ 453.33 followed by one balloon payment of $320,000 at maturity. The monthly payment does not include real estate taxes and homeowners insurance premium. The actual payment obligation may be higher. **All loan terms, including down payment amount, term, and interest rate are subject to underwriting and credit approval which is based upon, but not limited to, credit score, down payment amount and loan to value. Contact your mortgage advisor for guidelines, restrictions, interest rates and loan terms. Available in Dane and surrounding counties. Rates subject to change and program can be withdrawn without notice. Rate expires December 31, 2015. Subject to credit approval.
Assumptions: *The payment terms and Annual Percentage Rate (APR) above are calculated using a purchase price of $1,000,000, a 20% down payment with a loan amount of $800,000. Restrictions may apply. Rates as of October 13, 2015. Rates subject to change. Rates and/or fees may vary depending upon borrower’s credit score, loan-to-value, and other factors. This may affect your monthly payment and the loan’s APR. Subject to credit approval. Applies to purchase transactions and non-Park Bank to Park Bank refinance transactions. Rates assume a 60 day lock period and a checking account with direct deposit established with Park Bank prior to closing with auto payment from a Park Bank checking account established at closing. Offer not available on new construction loans. On 30 year fixed loan at 3.750% with 3.781% APR, monthly principal and interest payment is $3,704.92, on 20 year fixed loan at 3.750% with 3.793% APR, monthly principal and interest payment is $4,743.11, on 15 year fixed loan at 3.150% with 3.201% APR, monthly principal and interest payment is $5,582.55, on 10 year fixed loan at 3.150% with 3.201% APR, monthly principal and interest payment is $7,780.38.