HCU Mortgage/Construction/Lot Loans
Heartland Credit Union is pleased to announce that we now offer construction loan financing for our members. Some of the highlights of this program are:
- Maximum Loan-to-Value:
80% of the lesser of construction costs or appraised value
- Note Rate:
5.50%
- Annual Percentage Rate:
*6.179% APR for up to 9 months
- Construction Period:
9 months. Interest only payments during the construction phase.
If you would like more information regarding our construction loan financing, call Cris or John at (217) 726-8877.
*Annual Percentage Rate assumes a loan amount of $250,000 with a construction escrow fee of $450. Under this scenario, we assume the borrower draws one half of the loan amount at time of closing, and this balance remains constant during the entire term of the construction loan. Actual APR and interest charges may vary based upon loan amount, timing and balances of draws advanced, and construction escrow fees collected.