No need to wait to build your dream home. Qualified buyers can lock in a 4.875% fixed rate for 30-years*. By building a custom home, you can have the exact home you've always dreamed of when you finance with Schumacher Mortgage!
Payments as low as $2,910.65 on a $550,000 loan, with a 4.875% / 5.085% APR.
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Choose How You Apply Our Limited-Time Incentives:
No-Cost Refinancing
This special offer is designed so that Schumacher Homes clients can take advantage if interest rates are lower after closing, with a no-cost refinance! Schumacher Mortgage will cover all costs including any 3rd party fees.** This offer is good for up to 5 years from the conversion of the construction loan to permanent financing, and the client can apply for the refinance 180 days after the Certificate of Occupancy is received.
Disclaimers:
Schumacher Mortgage is an Equal Housing Lender NMLS #2101256; 2715 Wise Ave NW, Suite 100, Canton, OH 44708. Corporate phone (330) 249-7484. Regulated By Ohio Division of Financial Institutions - Ohio Residential Mortgage Lending Act Certificate of Registration, License # RM.804719.000; For more licensing information visit: https://www.schumachermortgage.com/licensing-information/.
Financing incentives are available if the home purchase is financed with Schumacher Mortgage LLC(NMLS #2101256) or if you choose to pay cash through an escrow agreement. Please note that you are free to finance your home purchase transaction with any lender you want, but this incentive is only applicable if you finance with Schumacher Mortgage LLC or a cash escrow agreement. The financing incentive will be taken at the time of the pre-construction meeting when your financing is confirmed.
Conventional Loan: The advertised loan is for a 30-year Fixed Rate One-Time Close Construction Loan with a 30-year fully amortizing term. During the construction period the interest rate is 7.999% with an APR of 19.189% and an estimated monthly interest-only payment of $1,833.10. Upon completion of construction, the interest rate will convert to the long-term financing fixed interest rate of 4.875% with an APR of 5.085% and a monthly mortgage payment of $2,910.65. The disclosed APR is based on the payment of 1.75 discount points. The interest rate quoted assumes a purchase with 60-day lock pricing, conventional loan, $550,000 loan amount, 60% loan-to-value (LTV), and a minimum FICO score of 680 on a primary residence.
For these Promotional Rates, the actual interest rate, APR, and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Applicants that are financing land for more than $100,000 are not eligible. Payments shown do not include taxes or Insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 12/10/2024 and are subject to change without notice. Must complete the pre-construction meeting within 30 days of the initial contract and loan close within 60 days of the initial contract. Cannot be combined with other offers. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.
Cannot be combined with other offers.
**3rd party fees include lender fees, title fees, recording fee, and do not include discount points or taxes and insurance (and setting up impound accounts). The appraisal fee will be reimbursed as a line item credit to the borrower at closing.
