5 Benefits of One-Time Close Construction Loan
GO Mortgage is the leader in providing our clients a one time close construction loan with flexible payment options. Contact GO Mortgage today to learn more about our single close construction loan program.
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Developing a home might be difficult, but financing it does not need to be. This can be exactly where our One-Time Close Construction to Permanent Loan comes in.
Financing the land and construction in two phases seems slightly cumbersome to us. In lieu of one closing before breaking ground, and then a second closing before move in day, this program has just one closing. In one settlement the financing for the building, lot acquire (if not currently owned), and permanent loan are all arranged.
Out there in each FHA and VA options, it’s clearly simpler than the standard process, but there are some further benefits to become had also:
Save Money
One appraisal, one set of closing charges, one underwriting and approval process…Eliminating the redundancy of a second closing reduces all of those fees, potentially saving the borrowers time and money when it counts.
Reduced Rate of interest Danger
Because the rate of interest is locked in before the single closing and ahead of the start out of developing, it eliminates the concern that rates could rise in the course of construction. Any increase in rates could make the home significantly less very affordable and even jeopardize loan approval if ratios are tight.
No Payments In the course of Building
As soon as the loan is finalized, the payments do not start out till the home is complete. This can be a large promoting point for many buyers who must spend for another place to live till they're able to move into the new property.
No Re-Qualification
Once the closing is comprehensive as well as the loan is in location, borrowers do not have to be concerned about re-qualifying. With several traditional building to permanent loans, the buyers may have to re-qualify in the end of the building phase. Now the buyers can love preparing for life in the new home without concern that acquiring new furnishings or other things could impact their loan approval.
Low Interest Rates
Mainly because OTC Building programs are backed by either the FHA or the VA the pricing is very competitive, creating developing a brand new home a much more cost-effective option.
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