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One-Time Close Construction Loan
A one-time close construction loan offers a streamlined financing solution for individuals or investors looking to build custom homes or properties. It combines construction and permanent financing into a single loan—saving time, reducing paperwork, and simplifying the path from blueprint to move-in.
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One-Time Close Construction Loan Details
A One-Time Close Construction Loan, also known as a construction-to-permanent loan, offers an all-in-one financing solution for those building custom homes or investment properties.
Instead of applying for separate loans—one for construction and another for long-term financing—you get a single loan that covers the entire process, from groundbreaking to move-in.
This streamlined approach simplifies the financing journey and provides greater control and clarity from the start.
- Convenience: Enjoy a single application, one closing, and a seamless transition from construction to your permanent mortgage.
- Cost Savings: Reduce overall closing costs and fees by eliminating the need for multiple loan transactions.
- Predictable Financing: Lock in your interest rate at the start, making it easier to plan your budget and avoid surprises down the line.
- Time Efficiency: Save valuable time with a simplified process that eliminates delays between construction and permanent financing approvals.
- Construction Phase
- Funds are disbursed in stages based on construction milestones.
- Borrowers make interest-only payments during this phase.
- Construction draws are carefully managed and tied to progress inspections.
- Permanent Phase
- Once the home is complete, the loan automatically converts to a standard mortgage.
- You begin making regular principal and interest payments.
- Your interest rate is typically locked in from the start, offering long-term financial stability.
- Interest-only payments during the construction period
- Lower down payment options compared to some traditional loans
- Fixed interest rate on the permanent mortgage
- Construction draws based on completed work percentages
- Contingency reserves built in to cover unexpected construction costs
If you're planning to build your dream home or invest in new construction, a One-Time Close Construction Loan can simplify financing, save on costs, and give you full control from start to finish.
At Bravo Mortgage, we’re here to guide you through every step—turning your blueprint into reality with financing that fits.
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We understand that every dream is unique and personal. If you're ready to take the next step or simply have questions.
