FREQUENTLY ASKED QUESTIONS:

*What are the current rates?

Construction rates are measured on a layer of risk each borrower and project has; the larger the loan amount, (along with income, credit and appraisal value) all help to determine what rate you will be offered. There is an interest reserve built into the loan to protect you and the lender. The reserve will make interest payments on the loan during construction. This means no out-of-pocket payments during the construction term.

*What is your fee?

Since we buy the construction loan rate at par, we charge an origination fee that is disclosed up front on your Good Faith Estimate. Charter Funding charges two fees: 1.5% origination and $495 processing fee. These fees are part of the closing costs which are figured into the loan, and not paid until the loan closes. This means we do not get paid until your loan closes, which guarantees we will work hard to get you the right loan and close it. Origination on a construction loan may be higher than a conventional purchase or refinance because it requires more time and effort and knowledge to get a construction loan closed.

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*How does the program work?

We are a Lender. We specialize in construction loans and vacant land loans. If you are not ready for a construction loan, but have a piece of property that you would like to purchase, we can help you obtain a competative land loan. Once you are ready to build, we can help you with the construction loan. Whether you are using a licensed General Contractor or would like to build the home youself, Charter Funding Construction Loans can help you secure the financing. You work one on one with a home plan designer, budget coordinator, operations consultant, construction consultant, and transaction coordinator to close the loan and continue to work one on one until you complete construction and move in to your new home. Ask about our new state of art online budget tools - we can do a demonstration with you on YOUR desktop about how our program works! Contact us now!