I Want To Build Or Renovate Our Dream Home

ENB has a variety of programs to help you build or renovate the home of your dreams. We’ll help you choose the best program – or combination of programs – and options based on your specific situation.

  • Products
  • FAQs

Construction-To-Permanent Mortgage

This popular loan program finances the initial construction of your new home then converts to permanent financing automatically – all with just one closing, no need for a second loan closing and the associated costs! Both fixed and adjustable rate programs are available with options to lock in the permanent mortgage for up to 12 months allowing for longer build times. During the construction phase, funds are disbursed as work progresses. Interest is paid only on the outstanding balance. Just one more way that ENB Mortgage is helping fulfill the dream of homeownership.

  • Payment Protection Program: locks in today’s low rates so you don’t have to worry about your payment going up while your home is being built
  • Float Down Option (available on select products): if rates go lower, you may request the current, lower rate when your home is ready to move into
  • Down payment options as low as 3%
  • Options without mortgage insurance available
  • Direct Disbursement option provides fast payment to contractors
  • Flexible draw schedules accommodate a variety of projects
  • Convenient Online Draw Request Form
  • Available on owner-occupied, second homes for loans up to $3 million
  • Available on 1-unit investment properties for loans up to $1 million

To see an example of how this process typically works, check out our Construction Timeline.

Contact us for rates

Construction Renovation Loan

Whether you looking to renovate your current home or purchase a “fixer-upper,” ENB can help with a Construction Renovation Loan. This program works the same as our standard Construction-To-Permanent Mortgage offering the same features and benefits. However, instead of starting with an empty lot, there will be an existing house to which additions and/or upgrades will be made. The home is appraised based on the planned improvements.

  • Payment Protection Program: locks in today’s low rates so you don’t have to worry about your payment going up while your home is being renovated
  • Float Down Option (available on select products): if rates go lower, you may request the current, lower rate when your home is ready to move into
  • Down payment options as low as 5%
  • Options without mortgage insurance available
  • Direct Disbursement option provides fast payment to contractors
  • Flexible draw schedules accommodate a variety of projects
  • Convenient Online Draw Request Form
  • Available on owner-occupied, second homes for loans up to $3 million
  • Available on 1-unit investment properties for loans up to $1 million

Contact us for rates

Fast Move Loan

If you are relying on proceeds from the sale of your existing home for the down payment and closing costs on your new or renovated home, the Fast Move Loan may be the perfect solution. ENB will loan up to 85% of the equity in the home you are selling. Affordable, interest-only payments are then made until the home is sold (maximum 12 month repayment period). This potentially saves you the hassle of moving twice and allows you to lock in today’s low interest rates for a new mortgage instead of waiting for your existing home to sell.

  • Up to 85% loan-to-value available when your home is listed with a real estate professional or under agreement
  • For-Sale-By-Owner options available with reduced loan-to-value advances available.
  • Interest-only payments for up to 12 months
  • Escrow for taxes and homeowners insurance is not required
  • Title insurance not required for loan requests under $250,000
  • Loans up to $600,000

Contact us for rates

Construction-Only Loan

If you only need interim construction financing to get your home built, ENB has a solution for you. This is perfect when you plan on selling your current home in order to pay off your construction loan. Not all banks and mortgage companies offer construction financing. If yours doesn’t, consider ENB Mortgage. Some of the common features of our Construction-Only Loan include:

  • Down payment options as low as 5%
  • 6, 9 & 12 month construction loan terms available
  • Interest-only payments during the construction loan term
  • No mortgage insurance required
  • Escrow for taxes and homeowners insurance is not required
  • Direct Disbursement option allows quick access to funds for contractors
  • Flexible draw schedules accommodate a variety of projects
  • Convenient Online Draw Requests
  • Loans up to $1 million
  • Available on single family, owner-occupied homes only

To see an example of how this process typically works, check out our Construction Timeline.

Contact us for rates

Lot Loan

Have you found that perfect piece of land but aren’t quite ready to build? ENB Mortgage provides Lot Loans for improved lots* with as little as 20% down and unimproved lots with as little as 35% down.

  • Up to 30-year amortizations with a balloon payment at the end of either 5 or 15 years
  • 15-year fixed rate option available
  • Loans up to $600,000

Contact us for rates

*An improved lot is generally defined as land that has access to public utilities or private water and sewer already exists on the lot.

Q:  When can I lock in my interest rate?
A:  You are permitted to lock in your interest rate at the time of application, but it is not required. However, you must lock in your interest rate no later than 14 days prior to your scheduled settlement. The rate you lock will vary depending on the construction term, which is how much time you and your builder need to complete the construction.

Q: How does a construction loan work?
A: With a construction loan, the amount borrowed is based on the cost of construction relative to the estimated value of the home once completed. A final construction contract and home plans and specifications need to be completed before the appraisal can be ordered. During the construction term, which will vary from 4 months to 12 months depending on the program, the loan is set up with interest-only payments as funds are advanced. Once the home is complete, the loan payments become fully-amortizing based on the loan program terms. To see an example of how this process typically works, check out our Construction Timeline.

Q:  How are my payments calculated during construction?
A:  With a construction loan, the payment during the construction term is interest-only based on the loan’s outstanding principal balance. Over the term of the construction, your payments gradually increase as funds are issued to the builder and your balance on the loan increases.

Q: What is a draw schedule?
A: A draw schedule outlines the amount of funds to be advanced to the builder as each stage of construction is completed. This document is agreed to and signed before closing. ENB offers either a Standard “Grouped” Draw Schedule or a Percentage of Completion Draw Schedule. We will work with you and your builder to customize a schedule that meets the needs of the project.

Q: How does the builder get the funds?
A: Either you or the builder may request the funds for construction as it is completed. Once the request is made, an inspector is sent to the property to verify the work is completed. Upon receipt of the inspection report, ENB will release the funds. The standard method is a check made payable to both you and the builder. However, you may elect a Direct Disbursement to Builder option. In this scenario, you permit ENB to release the funds directly to the builder, either via check or wire, speeding up the funding process for the project.

Q: How do I request a draw?
A: The simplest and fastest way to request a draw is to use our Online Draw Request Form. If that is not possible, you or the builder may contact your ENB Mortgage Expert or our Real Estate Inspection Department at (877) 773-6605.

Q: How long does it take to receive a draw once requested?
A: It generally takes 3 to 4 days. This assumes you have requested funds using the Direct Disbursement to Builder option and the builder has provided ENB with their wire information. Inspection turnaround and speed of mail delivery can impact this timeframe. Checks made payable to you and the builder typically are mailed within 7 days after the request.

Q:  What do I need to do to when it is time to start making principal and interest payments?
A: For all construction loans, we need a copy of the Certificate of Occupancy issued by the township/municipality. Some loans also require updated income documentation, a new credit report and loan modification agreement, which states the current loan balance, interest rate, principal and interest payment and maturity date.

Q: Does ENB have an approved builder list?
A: No. It is important for you to do your own due diligence and background work on contractors to make sure you are comfortable with them. ENB does not approve or endorse any builders, contractors or home improvement companies.

Q: What happens if I have a Construction-Only loan but my current home isn’t sold at the end of the construction term?
A: You will have to refinance the construction loan or otherwise pay the loan in full at the time of maturity.

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