State Savings Bank

We will be closed Monday, November 11th, for Veterans Day.

***Transactions received after 4 pm on the Friday before the holiday will be posted on the following Tuesday.***

State Savings Bank
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
State Savings Bank
FDIC-Insured - Backed by the full faith and credit of the U.S. Government

What is the loan structure of a construction loan?

Construction loans are ‘closed-end lines of credit,’ meaning you advance money off the loan as you build the house.  It is not a revolving line of credit like a credit card where you advance off the line, pay it down, and then advance off the line again.  Payments on the construction loan are monthly interest only, so at the beginning of the loan you pay a smaller amount of interest than you do at the end when you have more money drawn off the line.

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