Construction/Permanent Mortgage Loans

Construction loans are never a hassle at Miami Savings Bank. In fact, construction loans are one of our specialties. From the simple application process to the single closing (most lenders make you go through two closings) to getting your builder paid, Miami Savings Bank is with you every step of the way.

Here's the Specs

1. Our construction lending specialist will review the builder's contract and specifications to determine a loan amount that is right for you. Most construction loans are approved for 80% of the cost to build your new home. If you already own your own building lot, that can be considered as part of your equity in the property.
   
2. Your loan automatically rolls over to a permanent, amortizing loan when construction is complete. This is convenient for you. A lot of banks put you through a second closing at this point in the process.
   
3. During the construction phase, you pay interest only on the funds that are advanced to your builder as he makes progress on your new home. Miami Savings Bank will send a certified appraiser to check on the progress on your new home and perform a title update. The builder will never be advanced funds for uncompleted work.
   
4. Once your construction loan rolls over to a permanent loan, you are eligible for our no-cost loan payment service. Arrange for your monthly mortgage payment to be paid with a pre-authorized withdrawal from a Miami Savings Bank checking account. Relax with the knowledge that your mortgage payment will never be late with this convenient service.

Start Now!

Complete and print the Mortgage Application then print and sign the certification:

Miami Savings Bank offers a free pre-qualification service to our existing and potential customers.

This no cost service lets you know how much house you can afford before you build.

Your loan stays here from beginning to end!

For your free pre-qualification or additional information please contact your local office:

                                                                                                                                    

NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012.  This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.

The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest.  It also includes Interest on Lawyers Trust Accounts (“IOLTAs”).  It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

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