New Era Bank is happy to offer the following loans to supplement your mortgage or when a mortgage doesn't make sense.
Construction Loans give those wanting to build their own home the flexibility they need to handle it successfully. Borrowers have access to local bank representatives to answer any questions that may arise during the construction phase. These loans are available in fixed and variable rates.
Bridge Loans provide borrowers with the cash they need to buy a new home before they sell their old home. Most of these loans are secured by the property being purchased, but it is possible to secure with the property being sold. The term can run from 91 days to 1 year.
Tip: A bridge loan can often help borrowers avoid backing out of a contract and potentially forfeit their deposit from the contract on the new home. Avoid a bridge loan all together by making the contract of the new home contingent upon selling the old home.
Home Equity Lines of Credit
New Era Bank offers Home Equity Lines of Credit at competitive rates. These loans are an excellent choice for homeowners wanting utilize the current equity in their house to pay for things like: college expenses for children, major home improvements, or those unexpected expenses that life throws at you. The beauty of these loans is that the interest paid on them may be tax deductible. Customers should consult a tax professional to make sure they qualify for the deduction.