How it works

Millbrook Mortgage offers a VERY UNIQUE Construction Program.  We have a ONE-TIME Closing prior to the Construction Phase.  You have up to one year (12 months) to complete the Construction Phase.  During the Construction Phase you pay Interest-Only on the portion of the proceeds that have been disbursed.   When the construction Phase is completed the loan automatically stays at the locked rate.  Regular principal and interest payments start for the remaining term.

Rates

Current 30 Year FIXED RATES – NO ADJUSTABLE RATES. 

Minimum Down Payment

10% of Total Acquisition Cost (land cost plus cost to construct)

Up-Front Fees

Millbrook requires a small rate lock fee equal to (0.5%) of the loan amount to secure the rate throughout the ENTIRE Construction Phase.  This fee is 100% reimbursed to you at your Closing.