Frequently Asked Questions
Once your home is complete your permanent mortgage loan (30, 20 or 15 year fixed) is nothing more than a refinance of the construction loan.
Your construction loan functions like a line of credit. You only pay interest on what you “use.” Your builder will submit draws monthly.
Yes, you or your builder will provide Union Bank with blueprints, a new home specification sheet, and contract. We will then arrange for an appraisal based on these plans and specs.
- Conventional Loans, including Fixed Rate and Jumbo Loans
- VA Loans, administered by the Department of Veteran Affairs
- FHA Loans, through the Federal Housing Administration
Although each situation is different, there are several reasons to refinance including:
- To lower your monthly principal and interest payments.
- To move to a secure, fixed rate loan.
- To take cash out of the equity in your home.
For more information on refinancing your home, call 402-323-1128 in Lincoln, or toll-free 1-800-297-2837.
Closing costs cover all the fees and expenses associated with a loan transaction. Closing costs may include fees for an appraisal, credit report, title insurance, survey, and points. Closing costs vary depending upon the loan product.
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Learning Center articles, guides, blogs, podcasts, and videos are for informational purposes only and are not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.
Loan products subject to credit approval.