Are you ready to bring your dream home to life? Building a custom home allows you to create a space that perfectly reflects your style, preferences, and lifestyle. However, the process of financing new construction can often be complex and overwhelming. That’s where a One-Time Close New Construction loan comes in.
What is a One-Time Close New Construction loan? A One-Time Close (OTC) New Construction loan is a type of mortgage that combines the financing for the construction of your new home and the permanent mortgage into one convenient loan. With a traditional construction loan, you would need to secure separate financing for the construction phase and the permanent mortgage, resulting in multiple applications, closings, and potentially higher costs. However, with a One-Time Close loan, you’ll only need to go through the application and closing process once, simplifying the entire financing process.
Benefits of a One-Time Close New Construction loan:
- Streamlined Process: With a One-Time Close loan, you’ll only need to complete one application and go through one closing, saving you time, paperwork, and hassle. This streamlined process makes financing your dream home more convenient and efficient.
- Peace of Mind: Knowing that your financing is in place for both the construction phase and the permanent mortgage can provide you with peace of mind throughout the building process. You can focus on bringing your vision to life without worrying about securing additional financing down the road.
- Potential Cost Savings: By combining the construction loan and permanent mortgage into one loan, you may be able to save on closing costs and fees associated with multiple loan transactions. Additionally, locking in your permanent mortgage rate upfront can protect you from potential interest rate fluctuations during the construction process.
- Personalized Support: As your mortgage broker, I’ll work closely with you throughout the entire homebuilding process to ensure that your financing aligns with your needs and goals. From helping you understand your loan options to guiding you through the application and closing process, I’ll be by your side every step of the way.
Ready to simplify the process of building your dream home? Let’s explore how a One-Time Close New Construction loan can make your vision a reality. Contact me today to learn more and take the first step toward homeownership!
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