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Compare Mortgage Types
Construction Loans and Home Equity Line of Credit
Best if you |
Want a low monthly payment. |
Plan to be in your home less than 5 years. |
Plan to be in your home less than 10 years. |
Are buying a home for the first time. |
Have received approval for Down Payment Assistance from an approved city or county program. |
Interest Rates |
Fixed |
Fixed/Adjustable |
One-time rate adjustment |
Fixed/Adjustable |
Fixed |
Terms |
10, 15, 20 or 30 years |
Fixed for first 5 years, then adjusts every year thereafter |
30 years - |
10, 15, 20 or 30 years or 10/30 Adjustable Mortgage |
30 years |
Benefits |
Interest rate and monthly payment stay the same for the term of the loan By selecting a lower term, you can pay off your mortgage in a shorter amount of time. |
Lower initial rate, SOFR daily rate + 1% margin |
Lower initial rate - ½% below current 30-year fixed rate mortgage product. |
No loan origination fee. Appraisal fee refunded at closing. Accepts loan request up to 90% Loan To Value3 with no PMI2. Down payment may come from a gift. |
No loan origination fee. Appraisal fee refunded at closing. Accepts loan request up to $180,000 or 90% of the sales price, whichever is less. No PMI2. |
Free Services |
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Best if you |
Want to build your dream home and enjoy peace of mind during the process. |
Want loan approval and a lock-in rate on your permanent mortgage before you start construction? 6 |
Need some extra money to cover home improvements or general expenses. |
Interest Rates |
Fixed |
Fixed |
Variable |
Terms |
Construction – 15 months Permanent – 10, 15, 20 or 30 years |
10, 15, 20 or 30 years |
15 years - |
Benefits |
Provides financing for the construction of the home. One application, one closing and one loan, you save money. |
Does not provide financing for the construction of the home.
Peace of mind with loan approval and an interest rate locked for 9 months before you begin construction. Our commitment program locks in your mortgage rate for your permanent financing after the completion of your home beyond the normal 60 days, protecting against interest rate changes. Learn more |
Draw on your home’s equity to afford home repairs, consolidate debt or pay for education. |
Free Services |
N/A |
N/A |
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1 Or a maximum of 3.00% over the initial rate.
2 Private Mortgage Insurance (PMI)
3 A ratio used to calculate the loan amount requested as a percentage of the value of a home.
4 Must have $10,000 or greater balance on your Piedmont Home Equity Line of Credit to receive PFPinnacle with no monthly maintenance fee.
5 Subject to credit approval.
6 This program applies to the permanent financing after the completion of the home. Piedmont Federal does not provide financing for the construction of the home.
