A construction loan for you

This is an opportunity to build the home you want for the future you want. Contact one of our community lenders to discuss your project in detail and request a Construction application package to get started with project.

  • Construction-to-permanent residential loan
  • Fixed rate, 5/1 or 7/1 ARM
  • Held and serviced by NBM

Why choose a Construction Loan with NBM?

Experienced lenders

Our lenders have worked with many of our local builders and contractors and will help see your project through.

Expert guidance

We have years of experience financing construction projects from groundbreaking to move-in day.

Flexibility

We do our best to create loan terms that work best for you and your schedule.

Steps of the Construction Loan Process

Building a home is an exciting time – don’t be bogged down by the financing! National Bank of Middlebury keeps the Construction Loan process simple. Below are the steps you can expect to go through with us.

Before construction:

  1. Meet with a lender to determine your budget. Meet our Mortgage Team »
  2. Select a general contractor and finalize plans, cost estimates and permits.
  3. Complete the loan application* with your lender.
  4. Your lender will order an appraisal. The appraisal determines the value based on the estimates once the home is finished.
  5. Close on your loan. Construction can begin!

During construction:

  1. Your general contractor will send us invoices for the completed work, and we will pay them directly.
  2. During construction, your loan payment will be interest-only on the amount drawn from the loan.
  3. When the house is finished, the appraiser will visit to confirm completion.
  4. The project will be wrapped up, and your payment will automatically convert to principal and interest.
  5. Time to move in!

Any questions? Please contact your community lenders at [email protected]

Meet our mortgage team

NBM community lenders go above and beyond

Our lenders live and work in Vermont. They are not only experts on real estate values, but also the communities they serve. They know about local education, health, employment, social services, and safe environments. They know they are not merely selling a home, they are selling a community and a lifestyle, and they are dedicated to providing you with the right loans and tools to live the life you want.

Meet Our Mortgage Team

Start your construction loan financing with us today!

Contact Us

Mortgages to fit your needs

family in house with moving boxes

Hometown Advantage Mortgage

Our most popular conventional mortgage

Conventional mortgage for primary home purchases that are sold on the secondary market but service by NBM for the life of the loan

Hometown Mortgage

man with child on shoulders in front of house

No Nonsense Mortgage

No Nonsense Mortgage keeps your loan local.

A No Nonsense Mortgage is held in our in-house loan portfolio and serviced by us. Options include primary and second homes, investment properties, jumbo mortgages and construction loans.

No Nonsense Mortgage

Purchase & Renovate Mortgage

Buy and renovate all at once!

If you are purchasing a home that requires rehabilitation, this program allows you to do a small-scale purchase and renovation loan in one.

Purchase & Renovate

Convenient ways to pay your NBM loan

Online Banking
Within our Online Banking, you can transfer money from your deposit account to pay your loan online. Or, you can set up recurring payments. Current Online Banking users: Log in here to pay your loan. Not yet enrolled? Enroll now.

Recurring automated funds transfer
With this service, you can set up a monthly payment of your loan that will be automatically withdrawn from your deposit account on a date you choose. Visit any NBM location, call 877-508-8455 for assistance or submit this secure form: Recurring Loan Payment Transfer to set up recurring payments.

Recurring automated funds transfer from another institution
With this service, you can set up a monthly payment of your loan that will be automatically withdrawn from your deposit account at another institution on a date you choose. Visit any NBM location, call 877-508-8455 for assistance or submit this secure form: Recurring Loan Payment Non-NBM Account Transfer to set up recurring fund transfers.

One-time payment for non-deposit account customer
Make a one-time payment withdrawn from your deposit account at another financial institution by submitting this secure form: One Time Payment Non-NBM Account Transfer.

In person
You can make a payment by cash or check at any of our branch locations with a teller or at an ATM.

By mail
You can mail us a check to pay your loan. Just write your loan account number on the memo line and then mail it to:

National Bank of Middlebury
ATTN: Loan Department
PO Box 189
Middlebury, VT 05753-0189

*This link opens a PDF, click here to get Adobe PDF Reader.