Traditional Construction Loans
Union Bank and Trust works closely with both builders and homeowners on the construction of a new home. After choosing a reputable builder, you will need to discuss whether you or the builder will be obtaining the construction financing for your home. If the homeowner is obtaining the financing, the first step is to contact a Union Bank Mortgage Loan Officer to begin the process. We will assist you in all phases; from the purchase of the lot to the long-term financing once your home is complete.

Contact us today about construction loans.

Construction-to-Perm Loans
Union Bank’s Construction-to-Perm loan combines the features of a regular construction loan while giving you the peace of mind of locking in a long-term rate today. Simply choose one of our adjustable rate mortgage options and you will be guaranteed a rate even after your home is completed.

Features:

• Borrow a high percentage of the completed value of your home.
• Jumbo loans are eligible.
• .5% origination fee is refundable if you stay with Union Bank
• Lock in your rate within 60 days of starting construction.
• Fixed rate is valid through construction period for the remainder of the life of the loan.
• Loan may be converted to another secondary market product within 60 days of completion.
  

Construction - Advantage 180 Extended Lock Program
Union Bank’s Advantage 180 Program gives our customers the option of locking in a fixed rate up to 180 days from closing. Normally, you must be within 60 days of closing on your loan in order to lock in your rate. This program is ideal for those borrowers wanting to ensure a lower rate in a rising rate environment.

Features:

• Extended lock options include 120, 150, and 180-day periods.
• Conventional and Government loans are eligible.
• Available on conforming products. Jumbo loans are not eligible.
• Non-refundable lock fee of .75, 1, or 1.25% depending on length of lock period.