DELIVERS
WHAT YOU NEED
With PROLOAN you get an interest rate that will be locked for a full 180 days, to allow time for construction. If rates in general go up---yours stays the same.
If rates move lower - you can float down to a new, lower rate any time up to 7 days before loan closing at a minimal cost. Because you will use this option only when it's to your advantage, you can't lose. And unlike other loans, PROLOAN doesn't force you to pay a higher interest rate or additional "points" to get the 1 80-day interest rate lock you need.
MORE REASONS TO BUY A
HOME
PROLOAN
also provides the best features of today's ordinary home loans, adding up to a total package that can't be beat:· Low down payment requirements
· A selection of loan types, including long-term non-Government and FHA fixed-rate loans, lets you meet your specific needs
· No-points option available on most loan types
THE BEST FINANCING ON
THE BEST NEW HOMES
 | Two key elements of a satisfying new home purchase are high-quality workmanship and home loan terms that best suit your needs. |
There is a simple way to be sure
that you get both.
For more information contact your real estate agent or phone
PROLOAN
is a financing program that provides free extended protection against rising interest rates, exclusively to buyers of new homes built by skilled union craftsmen. Their training and experience are your assurance of enjoying a "tightly built" home for years to come - and your ticket to the many benefits of PROLOAN financing.
DESIGNED FOR BUYERS
OF NEW HOMES
Sales of pre-existing homes far outnumber sales of newly-built homes. So most home loans aren't designed to best serve the needs of people like you, who are having a home built.
Unlike the buyer of an existing home, you need a loan that:
COMPARE THE SECURITY
Ordinary loan: Provides only 45- or 60day standard interest rate lock. Leaves you dangerously exposed to the threat of a higher interest rate at loan closing - and higher monthly payments than you had budgeted.
PROLOAN
: Provides 180-day interest rate lock, standard. Protects you from a rate and payment increase, gives you the option to benefit from any interest rate decline.Provides 180-day interest rate lock, standard. Protects you from a rate and payment increase, gives you the option to benefit from any interest rate decline.
Provides 180-day interest rate lock, standard. Protects you from a rate and payment increase, gives you the option to benefit from any interest rate decline.
COMPARE THE SAVINGS
With some ordinary loans, you can't get 180 days of interest rate security period. With others, you have to pay extra for the security you need as a new homebuyer.
How much extra? Here is an example of PROLOAN compared to ordinary loans that charge you extra points or a higher interest rate for a 180-day lock:
| PROLOAN | Ordinary Loan Charge Extra Points |
Ordinary Loan Charge Higher Rate |
|
| Interest rate | 7.50% | 7.50% | 8.00% |
| Points | 0 | $2,250.00 | 0 |
| Premium for 180-day lock | 0 | Additional 1.5 points* |
Additional .5% Interest* |
| Annual percentage rate 7.70% 8.04% | 7.54% | 7.70% | 8.04% |
| 360 equal monthly principal and interst payments of |
$1,048.82 | $1,048.82 | $1,100.64 |
| Total paid over life of loan | $377,575 | $379,826 | $396,230 |
| Compare with PROLOAN | Costs $2,250 more than PROLOAN |
Costs $18,655 more than PROLOAN |
*180-day rate lock premiums are as follows: 3/8 point or 1/8% interest for each additional 30 days assuming a standard 60-day rate lock. This information was obtained by phone through a survey conducted on November 5, 1997
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Last modified:
April 24, 2008