A large kitchen for dinner parties. Vaulted ceilings. An inviting outdoor living space. Whatever it is you have in mind for your perfect home, leave the financing to us. We have two types of construction loans to help you make your dream home a reality.
One-Time Close
This option is truly as simple as it sounds, combining an interim construction loan with a permanent mortgage loan into a single transaction. That means you only have to fill out one application and go through one closing. Program benefits:
- You close one time and pay only one set of closing costs
- You will lock in an interest rate prior to construction
- Pay as little as 10% down for primary residences
- You only pay interest on money used for construction, not the entire loan amount
- You take title to the property right away, allowing you to begin building equity immediately if values improve
Two-Time Close
This is a two-step process where you first obtain a temporary loan to get the project started. Then when construction is complete, you refinance your initial loan to get your regular mortgage at the most favorable terms possible. Advantages include:
- You’ll close two times, but you’ll receive closing cost credits that may result in low or no cost refinancing for your permanent mortgage
- We’ll lock the interest rate for your second refinance loan up to 12 months
- Pay as little as 10% down for primary residences
- You only pay interest on money used for construction, not the entire loan amount
- No mortgage insurance required during the construction phase
Simple Process
The PrimeLending home loan experience offers hassle-free document submissions, clear communication, personal guidance and fast, efficient closings*. I’ll be by your side every step of the way to ensure you stay to informed and your home loan stays on track.
Contact me today to get started.
*On time closing and fast processing is dependent on many factors including receiving timely documentation from the borrower.