One Time Closing

Our One Time Closing product is a construction loan and a permanent loan rolled into one. The first part of the loan is for construction, then after completion, the permanent loan payments begin according to the terms provided in the Note. The interest rate is set for both the interim construction and permanent loan at closing. This is a great product to save closing costs and establish an interest rate now for the permanent loan. It allows a borrower to purchase a lot to build their home, or if they already own a lot, and there is a lien on that lot, it can be refinanced into this loan and any equity can be used towards as a down payment.

Other loan programs can have three closing dates, one to purchase a lot, one for the construction loan, and one for the permanent loan. This in turn means more closing costs and is more time consuming for the Borrower. Borrowers can get their best interest rate before construction begins. The fact that borrowers can go to closing one time, save on closing costs and lock in a rate for both the construction loan and permanent loan are all great marketing tools and can give you a competitive edge. The program starts out with interest only payments during the construction period. This rate can be fixed or floating and the loan documents will state the completion date of the construction period and when the permanent payments are to begin. After the construction period, it immediately converts to principal and interest payments for the permanent part of the loan and is a traditional mortgage. This permanent rate can be a fixed rate or an adjustable rate.

We provide full service documentation and support for this One Time Closing Program.

The Challenge

1.Avoiding multiple closings, extra time, and costs, while obtaining accurate and on time documentation.

The Solution

1. Our systems are well designed to handle the complexities of One Time Closing loans and our knowledgeable staff is here to help.

Advantages of using our services:

Save time by entering data once and get one set of documents for both the construction portion and permanent portion of the loan. Our experienced staff can walk you through the process and help make it easy.

See How We Make It Easy

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