The Benefits of a Single Close Custom Construction Loan .pdf
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The Benefits of a ‘Single Close’ Custom Construction Loan
With most custom construction loans, which is an “Interest only” loan; there is a
two-step process. First: the construction loan, and upon completion of the
construction phase, second is the “Permanent” loan, which is usually a 30-year
amortized loan with principal and interest payments.
One advantage of our construction loan is that you not only secure the funding
for the construction of your dream home which usually comes in six or seven
phases; from foundation to framing to plumbing, electrical, drywall, flooring and
roofing, but once the construction phase is complete, the loan converts into a 30
year amortized mortgage. By having a Single Close construction loan, you save
money because you only have to pay closing costs once, at the beginning phase of
the construction and there is only one application and one closing for both the
construction loan as well as the permanent mortgage.
Click here for more information about new construction loans.
Address: 17470 N Pacesetter Way # 124, Scottsdale, AZ 85255