FINANCING YOUR PROJECT

Access to borrowing has changed a lot in the last year, but when financing a renovation, there are still several options for you to consider. Check with your lender for the most up-to-date information. If there is enough equity in your property, you may qualify for a home equity line of credit, a second mortgage, or you may benefit from refinancing your first mortgage.

Another option is the Construction/Renovation Permanent Mortgage, which combines the lot purchase, the construction and the permanent mortgage all in a one time closing, saving you money on closing cost and giving you the comfort of knowing your permanent mortgage is locked in up front.
• One time closing, up front with one set of closing costs.
• Guaranteed extended rate lock on your permanent mortgage for up to 270 days at NO charge (30 & 15 year fixed or 5, or 7 year ARM).
•One time float down option to a lower rate or the ability to modify to another loan program when your home is near completion, at NO charge.
•You make monthly interest-only payments during the construction period only on the amount of money drawn, not on the total loan amount (this is tax deductible, the same as mortgage loan interest).
• Requires 20% down payment (land equity is looked at as down payment funds).
•Lock in the interest rate at the start of construction
•Primary and second homes eligible
•Loan amounts of up to $1 million with competitive pricing and special relationship discounts

Talk to your lender to find out what options are available to you or contact one of our lending partners listed on the right.

Here are some mortgage tools from mortgageloan.com that may be helpful in selecting the right financing for you:

LENDING PARTNERS

American Trust Bank Mortgage
Sally Coulter, Sr. Lending Officer
Phone: 678-585-0539
Cell: 404-664-6560
E-mail: scoulter@americantrustbank.us

Suntrust Mortgage
Colleen Duckworth,
VIce President
355 Shallowford Road
Gainesville, GA 30503
Phone: 770-297-2346
Fax: 770-535-9651
E-mail: Colleen.Duckworth@Suntrust.com

Additional resources:

Find out more about home equity lines of
credit here.

Compare second mortgages with HELOCs
here.