National Iron Bank: Since 1847
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Lending Solutions

Land and Construction Mortgages


National Iron Bank offers construction loans with both fixed and variable rate options.  To learn more about National Iron Bank's construction lending programs, call us at 860-435-2581 or 1-800-817-4970.
 
Construction Mortgages - Rates and Disclosures - Connecticut & Massachusetts

Rates as of Wednesday, March 13, 2019

PointsOrigination FeeInterest RateAPRFully Indexed RatePayment per $1,000PaymentsApply
25 Year Fixed Construction Loan - CT & MA
0.000$1,325.005.250%5.362%0.000%$4.38Show Payments 
1.000$1,325.005.000%5.211%N/A$4.17Show Payments 
20 Year Fixed Construction Loan - CT & MA
0.000$1,325.004.250%4.372%N/A$3.54Show Payments
1.000$1,325.004.000%4.230%N/A$3.33Show Payments
15 Year Fixed Construction Loan - CT & MA
0.000$1,325.004.250%4.401%N/A$3.54Show Payments
1.000$1,325.004.000%4.286%N/A$3.33Show Payments
10 Year Fixed Construction Loan - CT & MA
0.000$1,325.003.750%3.953%N/A$3.13Show Payments
1.000$1,325.003.500%3.885%N/A$2.92Show Payments
1/1 Year ARM - CONSTRUCTION - CT & MA
CAPS: 2/7 Floor 2.250% after 1st year
3/1 Year ARM - CONSTRUCTION - CT & MA
CAPS: 2/7 Floor 3.250%
0.000$1,325.003.625%5.047%5.500%$3.02Show Payments
5/1 Year ARM - CONSTRUCTION - CT & MA
CAPS: 2/7 Floor 4.375%
0.000$1,325.004.375%5.092%5.500%$3.65Show Payments
7/1 Year ARM - CONSTRUCTION - CT & MA
CAPS: 2/7 Floor 5.000%
0.000$1,325.005.000%5.319%5.500%$4.17Show Payments

Annual Percentage Rate (APR) quoted above are based on a representative $100,000 loan amount, with 20% down payment/equity for construction loans and 35% down payment/equity for land loans for the stated term and include the points listed. Rates are not guaranteed until lock-in and subject to change without notice. All loan applications subject to credit underwriting and property approval. Homeowners' Insurance and flood insurance (if applicable) required. Private Mortgage Insurance (PMI) is required if your downpayment / equity is less than 20%. Loan rates are for a first lien position on single family owner-occupied residences up to $500.000 (up to $417,000 for 30 year fixed). Call for rates available for 2-4 family owner occupied residences.  Any origination fees quoted are for portfolio loans only.  Sold loans will have a higher origination fee.


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Construction Mortgages - Rates and Disclosures - New York

Rates as of Wednesday, March 13, 2019

PointsInterest RateAPRFully Indexed RatePayment per $1,000PaymentsApply
25 Year Fixed Construction - NY
0.0005.500%5.614%N/A$4.58Show Payments 
1.0005.250%5.464%N/A$4.38Show Payments 
20 Year Fixed Construction Loan -New York
0.0004.500%4.623%N/A$3.75Show Payments
1.0004.250%4.482%N/A$3.54Show Payments
15 Year Fixed Construction Loan - New York
0.0004.500%4.653%N/A$3.75Show Payments
1.0004.250%4.539%N/A$3.54Show Payments
10 Year Fixed Construction Loan - New York
0.0004.000%4.204%N/A$3.33Show Payments
1.0003.750%4.137%N/A$3.13Show Payments
3/1 Year ARM - CONSTRUCTION - New York
CAPS: 2/7 Floor 3.500%
0.0003.875%5.123%5.500%$3.23Show Payments
5/1 Year ARM - CONSTRUCTION - New York
CAPS: 2/7 Floor 4.625%
0.0004.625%5.210%5.500%$3.85Show Payments
7/1 Year ARM - CONSTRUCTION - New York
CAPS: 2/7 Floor 5.250%
0.0005.250%5.474%5.500%$4.38Show Payments

Annual Percentage Rate (APR) quoted above are based on a representative $100,000 loan amount, with 20% down payment/equity for construction loans and 35% down payment/equity for land loans for the stated term and include the points listed. Rates are not guaranteed until lock-in and subject to change without notice. All loan applications subject to credit underwriting and property approval. Homeowners' Insurance and flood insurance (if applicable) required. Private Mortgage Insurance (PMI) is required if your downpayment / equity is less than 20%. Loan rates are for a first lien position on single family owner-occupied residences up to $500.000 (up to $417,000 for 30 year fixed). Call for rates available for 2-4 family owner occupied residences.  Any origination fees quoted are for portfolio loans only.  Sold loans will have a higher origination fee.


Land Loans - Connecticut, Massachusetts & New York

National Iron Bank offers land loans with various rate options.  To learn more about National Iron Bank's land lending programs, call one of our loan originators at 860-435-2581 or 1-800-817-4970.