One-Time Construction Closing

Our construction loan eliminates the need for multiple closings. Experience the convenience of a single closing for both the construction phase and the permanent mortgage.

Welcome to the heart of home construction financing! If you're embarking on the exciting journey of building your dream home, a Construction Loan is your golden ticket. In the realm of mortgages, these loans stand as a beacon of support, specifically for those looking to construct a house tailored to their desires. Let's delve into the intricacies, benefits, and magic within Construction Loans.

Construction loans typically have two main phases

1. Construction Phase: During this stage, funds are disbursed periodically to your builder and cover material costs as your project advances. This phase ensures you have the financial backing required to navigate the labyrinth of construction milestones.

2. Transition to Permanent Loan: The Construction Loan seamlessly transitions into a permanent mortgage once your dream home is complete. This is when your payments change from interest only to principal and  interest payments based on your final balance, ensuring a smooth and hassle-free experience.

Why choose a construction loan?

Financial Flexibility: Construction Loans offer the flexibility to pay for construction costs as they arise. This dynamic funding approach prevents financial strain and allows you to manage your budget precisely.

Interest-only Payments: During the construction phase, you may only be required to pay interest on the funds disbursed. This alleviates some of the financial burden during construction, making it more manageable.

Tailored Financing: Your dream home is unique, and so are your financing needs. Construction Loans are crafted to align with the specific requirements of your project, ensuring you have the right financial tools at your disposal.

Navigating a construction loan

1. Consultation: Begin your journey by consulting with a mortgage advisor experienced in Construction Loans. They can guide you through the intricacies, assess your needs, and tailor a financing solution that aligns with your goals.
2. Budgeting: Work closely with your builder and financial advisor to establish a comprehensive budget. Understanding your financial requirements at each stage of construction is crucial for a successful and stress-free experience.
3. Creditworthiness: Like any mortgage, your credit history plays a significant role. Ensure your credit is in good standing to enhance your eligibility for favorable loan terms.
4. Documentation: Be prepared to provide detailed plans, project timelines, and other documentation to support your loan application. The more transparent and organized you are, the smoother the approval process.