Build or renovate your home with construction-to-permanent loans. This type of loan is very flexible and can be used to cover many different things, like building a house on your own land or fixing up your current home. It can also be used to cover the costs for materials and labor.
Here’s how it works:
After you’ve finalized the loan, you can use whatever money you have left from your initial down payment to pay the builder to start construction. Once you’ve used up that money, you can start using the loan money to keep paying for construction.
Once your new place is finished, the loan turns into a regular mortgage, just like the ones most people have, with monthly payments over a long time, usually 30 years.
The process allows for a seamless transition from construction to permanent financing, eliminating the need for a second closing. Additionally, a single approval covers both the construction phase and the permanent mortgage, offering convenience and streamlining the overall process.
Embark on your home construction journey with confidence through our construction-to-permanent mortgage solution. With this comprehensive offering, you’ll experience a seamless financing process from start to finish. Here’s why our construction-to-permanent mortgage stands out:
- Secured Financing: Enjoy the convenience of securing financing before construction commences. With just one approval needed, you can proceed with confidence knowing your financing is in place from the outset.
- Interest-Only Payments: During the construction phase, benefit from interest-only payments, providing financial flexibility as your dream home takes shape.
- One-Step Closing: Simplify your mortgage experience with our one-step, one-time closing process. Say goodbye to multiple closings and paperwork hassles.
- Convertible Mortgage: Transition effortlessly from the construction phase to a permanent mortgage with options for both fixed and adjustable rates. Choose the option that best suits your financial goals and preferences.
- Flexible Loan Terms: Tailor your mortgage to fit your needs with flexible loan terms of up to 30 years. Whether you’re looking for a shorter or longer repayment period, we’ve got you covered.
- Jumbo Loan Availability: For larger construction projects or high-value properties, jumbo loan options are available to accommodate your financing requirements.
Additionally, we offer:
- Adjustable Rate Mortgage (ARM) Options: Benefit from low initial interest rates with our adjustable-rate mortgage options. Ideal for the construction phase and beyond, these options provide flexibility and potential cost savings.
- Fixed Rate Mortgage Options: Opt for stability and predictability with our fixed-rate mortgage options. Enjoy the same fixed rate from construction through the permanent loan phase, ensuring consistent payments over time.