If you’re building your new home or planning a major remodel, a construction loan is for you. Cover all construction costs, then convert to a traditional mortgage loan with one loan closing. Don’t want to lock into a mortgage yet? Take out a short-term construction loan to cover building costs, and then pay it off later with your permanent mortgage. Our mortgage experts can help you decide what’s best for you.
Construction to Permanent Home: One-Time Close Mortgage
We’ve got it together! If you are planning to build a new home you should consider our One-Time-Close Mortgage. It can save you time and money!
What is a One-Time-Close Mortgage?
Typically, when people build a house, they have to arrange for construction financing and permanent financing. That means two applications, twice as much waiting, and the possibility of being charged fees on both loans.
With our One-Time-Close Mortgage we provide a single loan that covers construction and permanent financing with one closing. You save time by going through the process only once, and you save money by paying closing costs only once. And, because our mortgage specialists can make decisions quickly, the One-Time-Close is the right choice for cost-conscious people in a hurry!
The simplicity is wonderful! You only fill-out one set of forms, and when construction is done, the loan coverts to a permanent mortgage. And, during construction there are no concerns about permanent financing…because it is all done!
Standard Construction Loan:
Use this loan to fund the building of your home, then pay it off with your permanent loan, allowing you to choose your loan type and rate.
Jumbo Construction Loans:
These loans are available for homes being constructed with loan amounts in excess of $417,000.
It's easy to apply for a loan with the State Bank of New Prague