PHOENIX – Arizona State CU said it has added construction loans to its home loan portfolio in anticipation of an improving economy.
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The construction loan program will allow members of the $1.3-billion credit union the opportunity to lock in their mortgage rate early and avoid the possibility of fluctuating rates during the construction phase, it said.
Members need to qualify just once, the credit union said, signing one set of loan documents and paying one set of loan fees for both the construction-phase financing and permanent mortgage.
